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scarcity
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limited quantities of resources to meet unlimited wants
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tradeoff
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giving up one option in exchange for another
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cost benefit analysis
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a way of thinking about a problem that compares the costs of an action to the benefits received
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incentive
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a reason for doing something; something that stimulates action
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specialization
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the development of skills in a specific kind of work
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labor
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a factor of production; the physical and mental effort used to produce goods and services
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land
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a factor of production; all natural resources used to produce goods and services
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capital
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a factor of production; the machinery, tools and buildings humans use to produce goods and services.
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entrepreneur
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a factor of production; someone who organizes a business venture and assumes the risk for it
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marginal thinking
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the process of deciding whether to do or use one additional unit of some resource
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economics
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the study of the choices people make to attain their goals, given their scarce resources
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surplus in the market
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occurs when quantity supplied exceeds quantity demanded -prices are above the equilibrium price
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shortage
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a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
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negotiation
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Mutual discussion and arrangement of the terms of a transaction or agreement.
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