The man-made factor of production that is used by labor (workforce) in making other products (objects)

Resources found in nature that go into the production of a good/service (water, air, land, minerals)

Any form of human efforts exerted (performed) in production (People)

 The individual(s) responsible for combining all of the factors of production and assume the most risk. (Person(s))

ex. Sharks on Shark Tank

An economy in which there are many buyers and sellers of the same good or service.

The amount of a resource that firms and producers are willing and able to provide to the marketplace or to an individual.

The quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

The amount or number of a given product or service

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. 

Monetary or non-monetary gain received because of an action taken or a decision made.

A process of examining the advantages (benefits) and disadvantages (costs) of each available alternative in arriving at a decision.

The most desirable alternative given up for the decision is the...

Occurs when we choose one course of action over another. 

Economic principle that society has unlimited wants and needs but limited resources to fulfill them