Theme 1 (Business and Banking Concepts)

Man made goods that are produced for the purpose of producing more goods and services

• productive resources

• human resources

• natural resources

• capital resources

People performing mental and physical work to produce goods and services

• productive resources

• human resources

• natural resources

• capital resources

Resources that occur naturally in and on the earth; these resources are used to make goods and services

• productive resources

• human resources

• natural resources

• capital resources

Basic resources used to produce goods and services

• productive resources

• human resources

• natural resources

• capital resources

Person who takes risks and gathers resources to provide a new and improved good or service to the marketplace

• human resource

• capital resource

• entrepreneur

• productive resource

Options to be considered when making a decision

• opportunity cost

• cost/benefit analysis

• trade off

• alternatives

Comparing advantages and disadvantages in order to make a decision

• opportunity cost

• cost/benefit analysis

• trade off

• alternatives

The next best alternative that is given up when a choice is made

• opportunity cost

• cost/benefit analysis

• trade off

• alternatives

Giving up a little of one thing in order to get a little more of something else

• opportunity cost

• cost/benefit analysis

• trade off

• alternatives

Measures or requirements by which alternatives are judged

• incentive

• criteria

• consequence

• opportunity cost