Economics: Chapter One

unauthorized use of a copyrighted material

legal use of copyrighted material without permission of owner

unselfish regard for the welfare of others

a basic requirement for survival

a way of expressing a need

natural resources, raw materials

tools and machinery used in production of goods and services

workers with all their efforts, abilities and skills

The power of the state to take private property for public use with payment of compensation to the owner

to order or require, to make law

An item intended for use by individuals

a manufactured item used to produce other goods and services

any good that lasts three or more years when used on a regular basis

some non-necessities have a much higher value than some necessities

a person who acquires goods and services for his/her own personal needs

waiting period set by an authority, to stop activity

one who reveals information, informs against another

conflict between personal interest/benefit and public responsibility

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