|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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