Review - Scarcity, Opportunity Cost, & Factors of Production

The resources used to make all goods & services are called

What is an Entrepreneur?

Any technology/machinery involved in the production process:

An individual's knowledge or skills that make production of a good/service more efficient

What is an economic want?

Scarcity is defined as a limited supply of resources versus...

What are all societies forced to do because of scarcity?

An action that one provides for someone else is a.... (hint: haircuts, counseling, or babysitting)

A Trade-off is

What name is given to the value of the next best alternative that you give up when you make a decision? We have referred to this as the "cost of choosing."