Resources are Scarce
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Scarcity
Limited amount of resources to meet unlimited wants.
Entrepreneur
a person who takes the risk and gathers the resources to provide new or improved good or service to the marketplace. Ex. small-business owner
Captial Resources
manmade goods that are produced for purpose of producing other goods and services. Ex. machines, computers, buildings, tools
Human Resources
people performing mental or physical work to produce goods and services. Ex. Doctors, teachers, trash haulers
natural resources
resources that occur naturally in and on earth that are used to produce goods and services. Ex. wood, oil, lead, water
absolute advantage
the ability to produce more of a product given the same amount of resources.