| A | B |
|---|
| trade-off | the choice of one item while giving up another |
| resources | things used to produced goods and services |
| needs | things or services that keep us alive |
| opportunity cost | the cost of the next best choice that was given up for something else |
| scarcity | not having all the resources to produce all of the things we need and want |
| objective data | based on facts that can be tested, mearsured, proven |
| goods | things that are bought and sold |
| entreprenuership | taking risk to start new business |
| labor | physical or mental work people are paid for |
| productivity | how much work a worker can do in a certain time |
| model | a simple way to show an idea or concept; graph, chart, etc |
| maximize | to get the most out of something |
| wants | things that are nice to have but not needed for survival |
| land | natural resources used to make goods |
| subjective data | based on personal likes and dislikes; cannot be proven right or wrong |
| factors of production | capital, entrepreneurship, land, labor |
| services | actions or activities that are bought and sold |
| capital | money, equipment, buildings used to make a product to sell |
