unlimited human wants and needs in a world with limited resources
situation involving losing one aspect or quality of something in return for gaining another aspect or quality
the different uses for limited resources
the most preferred alternative that is given in a trade-off; not restricted to financial or monetary costs; the 'next best choice'
the finite number of materials and resources that can be used at any given time to produce things
describes the problem in economics that regardless of what people have, they always want more
indicates an increase in the quantity of goods and services produced; measured by the per capita GDP (gross domestic product)
absence of large fluctuations in the economy
principle that expanding opportunities for all people to earn a living and become financially stable is essential to creating an economy and a society that are prosperous
measure of output per unit of input
final purchase of goods and services by individuals
Who defined economics as 'the science which studies human behavior as a relationship between ends and scarce means which have alternative uses'?
Who was the first person to develop the concept of opportunity cost?
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scarcity
trade offs
choices
opportunity cost
limited resources
unlimited wants
economic growth
stability
economic fairness
productivity
consumption
Lionel Robbins
John Stuart Mill
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