| A | B |
|---|
| Economics | Social Science that studies how people, acting individually & in groups decide to use scarce resources to satisfy their wants |
| Factors of production | land, labor, and capital |
| Entrepreneurship | the imagination, innovative thinking & management skills needed to start & operate a business |
| Scarcity | means that an inequality exists between wants and resources available to satisy them |
| Opportunity cost | highest valvued alternative given up as a result of making a choice |
| Incentive | positive rewards for making some kind of choice or behaving in a certain way |
| Marginal | extra or additional costs or benefits of a decision |
| Consumption | using a product or service that completes the want satisfaction chain |
| Benefits | What you gain in making a choice |
