Reese Fitzpatrick

History

6 February, 19:47

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