Term of the Week
The value of the next-best alternative you give up when you make a choice.
Opportunity Cost
Trading Commodities
Pit
someone who purchases things
consumer
Entities focus on what they do best and trade for the rest
Specialization
Makes everyone better off
The condition that exists because resources are limited but human wants are unlimited.
Scarcity
protect the things you own
Cover Your Assets
someone who makes things for sale to others
producer
The study of human choices under constraints
Economics
General rise in prices
Inflation
how much of something is available
Supply
Give answers to top survey questions
Answer Warz (Family Feud)
Someone who turns an idea into a business opportunity
Entreprenuer
a basic, interchangeable good or raw material used as an input in the production of other goods and services.
commodity
Something you owe
A liability (debt)
how much people want something and are willing to buy
Demand
Invest in businesses, collect rent
Paycheck to Billionaire
Investor
any service or material asset used to produce finished goods and services to satisfy human wants and needs
.
Resource
a cost that can not be recovered
Sunk Cost
Something that motivates a person to take a particular action.
Incentive
Collect food, water in a game of survival
Survive Tebraska
Someone who gives money to a business in order to earn a guaranteed return based on interest
Lender
Trade
One who studies human choice and exchange
Economist