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Finite resources
Resources with an end or limit
Infinite wants
Without limits
Needs
Basic requirements for human survival
Wants
Peoples desires for goods and services
Basic economic problem
Allocation of a nations resources between competing uses that represent infinite wants
Scarce resources
Amount of resources available when supply is limited
Opportunity cost
The cost of the next best alternative when making a choice
Capital goods
Goods purchased by firms and used to produce other goods
Consumer goods
Goods purchased by households
PPC
Line that shows all the different combinations of two goods an economy can produce if all resources are fully and efficiently employed
Economic growth
Increase in the level of output by a nation
Note 
Flashcard (47)