Limited resources trying to satisfy unlimited wants

tangible economic product that is useful, transferable

cost of the next best alternative when one choice is made over another

a federal government program of disability and retirement benefits that covers most working people

Father of Economics

basic requirement for survival

a good that lasts fewer than three years; wears out

quality of life based on ownership of necessities and luxuries

the raising of the general levels of prices

Book written in 1776 describing in detail the "invisible hand"

the monetary value of all goods and services within a country's borders.

tools or equipment used to produce other goods

the reliance upon one person/company/nation on another person/company/nation

income that stays the same and does not change

specialization where workers do one thing well

something we would like to have

goods that last for at least three years

encourages people and organizations to improve material well-being.

the lowest legal wage that can be paid to workers

self - interest propels markets to satisfy individual demands by producing goods and services they want. This happens magically!

There is no such thing as a free lunch!

a good intended for use by the consumer

the struggle to attract consumers with quality product at lowest price

a federally run program for seniors, regardless of income

The demonstration of how thousands of people work together "invisibly" to create something such as a the pencil. Hint: video at the beginning of semester