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Scarcity, Economic Questions, & Factors

TermDefinition
Opportunity Cost what you have to give up to buy what you want in terms of other goods or services.
TradeOff a compromise where you typically give up something in return for something else,
Incentive the factors that motivate individuals, businesses, or governments to take certain economic actions
Scarcity the idea that resources are limited, and that we need to make choices about how to allocate them.
Capital human generated resources such as buildings, equipment, and money
Entrepreneurship having ideas and taking risks to create a business
Natural resources the things that would still exist even if humans had never walked the Earth
Labor the work that goes into creating a product or service
Created by: tamaralamb
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