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Efficient
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Opportunity Cost
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Need
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Land
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Want
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Scarcity
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
What are the 3 Economic Questions?
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
Capital
Having a limited number of resources
Produce to ability
The cost of choosing 1 choice over another
Something a person does not need to live
All the natural resources that are used to produce a good or service.
What to produce, How to produce it, Who to produce it for
Air, Water, Food
Anything that is used to produce a good or service.
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