Economics week 1 Key Terms

The next best alternative given up when individuals, businesses, and governments confront scarcity by making choices.

• A basic condition that exists when unlimited wants exceed limited productive resources.

Distribution.

• Factors of production that include land, labor, capital, entrepreneurship.

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  Business owner motivated to take risks by profit, job creation, innovation, and improving society

• Anything made by a person that is used to produce a good or service.

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  A person’s knowledge and experience.

• All paid work done by a person.

• Labor and human capital.

• natural resources