.
Man-made items used to produce other things
Capital Resources
the productive resources used to produce goods and services, including natural resources, human resources, capital resources, and entrepreneurship.
Factors of Production
How did Mr. Lee injure his left shoulder?
Skiing
DAILY DOUBLE Question
This is the condition in which we do not have all the things we want.
Scarcity
This is the conclusion you reach after considering alternatives and evaluating your results
Decision
Desires that can be satisfied by consuming or using a good or service.
Wants
a decision-making tool for comparing the additional benefits of a course of action to the additional costs.
Marginal Analysis
Who is LSU playing in college football tomorrow night?
Clemson
Monetary or non-monetary gain received from making a decision
Benefit
Consider these kinds of resources as “gifts of nature” that exist without human intervention.
Natural Resources
the second-best alternative (or the value of that alternative) that you must be given up when making a choice.
Opportunity Cost
The name for the things we have that are in limited supply
Resources
State your Problem, list your Alternatives, establish Criteria, and Evaluate your Decisions is the process for this type of decision making process
PACED Decision Making
a widely observed relationship in which the additional satisfaction associated with consuming additional units of the same product in a given amount of time eventually declines
Diminishing Marginal Utility or Diminishing Return
the skills and knowledge a person has acquired through experience and/or education.
Human Capital
The cost incurred by consuming one more of something.
Marginal Cost
It's what must be given up to obtain something
Cost
Surprise! Instead of getting 400 points here, you get to take 200 points from any other team
Lol
The giving up of one benefit or advantage in order to gain another regarded as more favorable. This is not "Opportunity Cost"
Trade-Off
The unexpected and unplanned results of a decision or action.
Unintended Consequences
Individuals who are willing to take risks, bring resources together, develop new products, and start a new business.
Entrepreneurs
the additional gain from consuming or producing one more unit of a good or service
Marginal benefit
Should I just automatically give you the points here?
No
the effort (labor) that people apply to the production of goods and services.
Human resources
A process of examining the benefits and costs of each available alternative arriving at a decision
Cost-Benefit Analysis