Econ

Capital

• machines, buildings, tools, and money, used in production

• Country
• City
• Town

Economics

• Economics is the study of weather patterns
• Economics is a branch of biology
• Study of how individuals and nations make choices with scarce resources

• Economics is a form of art

entrepreneurship

• Entrepreneurship is solely focused on making losses rather than profits.
• the ability to start new businesses for new products

• Entrepreneurship is the process of investing in existing businesses.
• Entrepreneurship is the process of designing, launching, and running a new business, often initially a small business. It involves taking financial risks in the hope of making a profit.

factors of production

• Labor, capital, goods, services
• Land, labor, capital, entrepreneurship
• Technology, innovation, resources, products
• Money, assets, infrastructure, development

Goods and services

• Goods are intangible items, while services are tangible activities.
• End result of factors of production

• Goods are tangible items, while services are intangible activities.
• Goods are virtual items, while services are physical activities.

labor

• labor
• career
• job
• work

land

• dnal
• natural resources and surface land

• palindrome
• dla

Opportunity cost

• value of the new best alternative given up for the thing that was chosen

• Cost of the chosen option
• Value of the next best alternative foregone

Production possibilities

• Production possibilities illustrate the trade-offs that occur when allocating resources between the production of different goods.
• all the combinations of good and services that can be produced

• Production possibilities do not impact resource allocation decisions.
• Production possibilities show the unlimited resources available for production.

Resources

• option2
• anything people can use to make or obtain what they need

• option3
• The correct JSON value that adheres to the given JSON Schema instance is: {"type":"object","properties":{"explanation":{"type":"string","description":"Explanation or steps to get to the answer"},"answer":{"type":"string","description":"Correct answer for the question"}},"required":["explanation","answer"],"additionalProperties":false,"$schema":"http://json-schema.org/draft-07/schema#"}