| A | B |
|---|
| opportunity cost | value of the next best alternative given up for the alternative that was chosen |
| microeconomics | theory dealing with behavior and decision making by small units such as individuals and firms |
| entrepreneurship | when individuals take risks to develop new products and businesses to make profits |
| capital | goods used to make other goods and produce services |
| macroeconomics | theory dealing with the economy as a whole and decision making by large units such as governments |
| factors of production | land, labor, and capital used to produce goods and services |
| trade-off | sacrificing one good or service to purchase or produce another |
| scarcity | basic economic problem that results from a combination of limited resources and unlimited wants |
