efficiency Use of resources in a way that minimizes output of goods and also services.

You are watching: Representation of alternative ways to use an economy’s resources

goods Physical objects that have the right to be exchanged.
trade-off All possible alternatives that space rejected as soon as a an option is made.
scacity/shortage Limited quantities of resources to meet endless needs or desires.
services Actions or activities that one human performs for another.
opportunity cost Most desirable alternative given increase when people chose one food or another
underutilization Use that fewer resources than the economic climate is capable of using.
labor Paid effort that people devote to a task.
factors of production labor, land and also capital
production possibilities graph Representation of different ways to use the economy's resources.
production possibilities frontier The line the shows different production possibilities because that an economy.
production possibilities graph Representation that the possible ways one economy might use resources.

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