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Economics Q1 Vocabulary Review

Anything taken from nature for use in the production of goods or services
The basic elements from which all goods and services are produced
Economy in which decisions are made by customs
The willingness of people to organize, operate, and assume the risks involved with business ventures
A group of people who share a common bond
The prospect of a reward or punishment that influences decisions
Physical items produced in an economy
When we desire more of something than we can have
Things that are desired but not essential to life
Economy in which all economic decisions are made by buyers and sellers
The time and effort people contribute to the production process
Production falls on the PPF curve
The minimal amount of food, water, and shelter that are necessary for survival
Father of Economics
The value of the next best alternative given up when a choice is made
Economy in which all economic decisions are made by central planners
The placement of limits on the amount of goods each person can purchase
The study of choice under conditions of scarcity
A system for coordinating the production and distribution of goods and services
A society's goal to be fair and just