Basics of Economics

The inability to satisfy all wants at the same time.

• choice

• production

• opportunity cost

• scarcity

Factors of production that include natural, human, capital, and entrepreneurship.

• choice

• resources

• opportunity cost

• consumption

These are resources found in nature.

• natural resources

• capital resources

• human resources

• entrepreneurship.

These are resources that people can do such as being a teacher or a delivery driver.

• natural resources

• human resources

• capital resources

• entrepreneurship

Products that humans create for a purpose.

• natural resources

• capital resources

• human resources

• entrepreneurship

This is making money from any type of resource.

• choice

• production

• consumption

• entrepreneurship

The selection of an item or action from a set of possible alternatives.

• production

• choice

• opportunity cost

• consumption

This is what is given up when a choice is made, individuals must consider the value of what is given up when making a choice.

• opportunity cost

• capital

• scarcity

• production

The combining of human, natural, capital and entrepreneurship resources to make goods and service.

• consumption

• production

• choice

• opportunity cost

This is the using of goods and services.

• consumption

• production

• opportunity cost

• choices