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Economics
Trade-off
Opportunity cost
Scarcity
Resources
Natural resources
Labor
Capital
Entrepreneur
Entrepreneurship

Economics

Economics
is the social science

that analyzes the production,

distribution,
and consumption
of

goods and services.

,

.

Trade-off

-

A
trade-off:
giving
up one
thing

-
in
order
to gain something
else.
.

Opportunity cost

Opportunity cost:
the amount of
goods and

services that
must
be given
up in order
to

.
obtain other
goods
and services.

 ???

Scarcity

Scarcity: a limit-to
the supply of

productive
resources
or
,
consumer goods
in relation
to

producers
or consumers
,

demand for them.

,
.

Resources

Resources:
,
anything
used as an

input in the creation

of goods and

services.
.

Natural resources

Natural resources:

thethings

provided by nature
that go into

the creation of
goods

and

services.
.

Labor

Labor: the

human effort
required

to produce goods
and services.

.

Capital

.
,

.

Entrepreneur

Entrepreneur: a person

who

creates a business

in the

hope of

earning a,
profit;
,
,
Also a person who
organizes,

the
risks

manages
and assumes

.enterprise.
of a business

Entrepreneurship
Entrepreneurship: the

managerial or organizational

skills needed by most

firms to

,
produce goods
and services at a

profit. ,

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