Economics

The study of how people make choices about ways to use limited resources to fulfill their wants

What are the factors of production?

The amount of output (goods and services) that results from a given level of inputs (land, labor, capital and entrepreneurship)

Sacrificing one good or service to purchase or produce another

Actions that can satisfy people's wants or needs

Value of the next best alternative given up for the alternative that was chosen

When individuals take risks to develop new products and start new businesses in order to make profits

The branch of economic theory dealing with the economy as a whole and decision making governments

Natural resources and surface land and water