study of how scarce resources are allocated
something you give up when you make a decision
evaluating the costs and benefits of a decision
man-made resources such as tools, machinery, etc.
person who takes a risk to bring together other productive resources and start a business
focusing on an area of expertise or one aspect of production
workers with all their skills and abilities
the next best alternative (the first thing you didn't choose)
relationship of inputs to outputs
natural resources
1.
economics
2.
trade off
3.
opportunity cost
4.
land
5.
labor
6.
capital
7.
entrepreneur
8.
productivity
9.
cost-benefit analysis
10.
specialization
