I Got This
The study of scarcity ad its implications for the use of resources, production of goods and services, and growth of production and welfare over time.
Economics
the state of being scarce or in short supply; shortage.
Scarcity
A person who organizes and operates a business or businesses, taken on greater than normal financial risks in order to do so.
entrepreneur
exchange something of value, especially as part of a compromise.
Trade-off
relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.
Supply and Demand
...how much output can be produced with a given set of inputs. It increases when more output is produced with the same number of inputs or when the same amount of output is produced with less inputs.
Productivity
...benefits or cost of an action that influence people decisions and behavior.
Incentive
the assests-physcal tools, plants, and equipment-that allow for increased work productivity. It compromises one of the four major factors of production, the others being land, labor, and entrepreneurship.
Capital
...a fundamental economic concept involving the purchase and sale of goods and services, with compensation paid to a seller by a purchaser or the exchange of...
Trade
...the process wherein a company or individual decides to focus their labor on a specific type of production.
Specialization
...a way to compare the costs and benefits of an intervention, where both are expressed in monetary units.
Cost-Benefit Analysis
This is used to purchase items from stores and other places of business.
Money/Currency
...the way total output, income, or wealth is distrusted among individuals or among the factors of production. To spread the product throughout the marketplace such that a large number of people can buy it.
Distribution
The loss of potential gain from other alternatives when one alternative is chosen
Opportunity Cost