Final Exam Review

The difference between limited resources and our unlimited wants

• Margin

• Scarcity

• Greed

• Surplus

The benifits or opportunites one misses out on when choosing one option over another

• Opportunity Costs

• Incidental Costs

• Sunk Costs

• Transactional Costs

The change in overall cost that comes with producing or consuming one more or less unit of something

• Opportunity Cost

• Marginal Cost

• Sunk Costs

• Capital Expense

The ability of a company, government, or person to influence your dicision making process

• Externality

• Incentive

• Hypnosis

• Branding

When the cost or benifit of an activity has a positive or negative impact on someone else.

• Opportunity Cost

• Externality

• Suppliment

• Replicant

The Natural Resources that go into the production of a Good

• Entrepreneurship

• Land

• Labor

• Capital

The creation of an idea or inovation that makes a product line or company unique

• Entrepreneurship

• Land

• Labor

• Capital

Sometimes call Human resources this is the manpower used to create a product

• Entrepreneurship

• Land

• Labor

• Capital

Investments in technology, machinery, or ideas that make the production process faster or more efficent

• Entrepreneurship

• Land

• Labor

• Capital

As Prices Rise, Consumers will buy less goods

• Law of Demand

• Law of Supply

• Income Effect

• Price Gouging