The Study of how individuals, businesses, and governments make choices when faced with a limited supply of resources.

Under the principle of scarcity, people's and needs are unlimited, while goods and services are ...

This is any human made resource that is used to produce other goods and services.

Phrased used to reference a common choice faced by governments; the choice between spending money on military or domestic needs.

Entertainment company, ran by Step Brothers, Dale and Brennan.

This is something people desire.

This occurs, temporarily, when consumers want more of a good or service than producers are willing to make.

These are man-made objects, like machines and tools, used to help workers produce goods and services more easily and at less cost.

The act of giving up one benefit in order to gain another greater benefit.

Started her own company, that designs quilted purses.

This is something essential to survival

This person assumes risk, while attempting to combine resources to create new goods and services, in order to make a profit.

This is a factor of production that is provided by nature.

This is the most desirable alternative that is given up as a result of a decision.

This shoe company had it's start in Indiana, but has since moved their manufacturing over seas for cheaper labor.

This is an action or activity that one person performs for another.

The resources used to make all goods and services.

These are skills a worker gains, through education and experience, to make themselves more productive. Also called technical knowledge.

A graph that shows alternative ways to use an economy's productive resources.

This person is the owner of the Indiana Pacers, but made his money in real estate by building a series of malls.

These are physical objects that someone produces.

These three items make up the factors of production.

Give an example of Labor as a factor of production, within our school.

A line on a production possibilities curve, that shows the maximum possible output an economy can produce.

Name at least 3 famous Entrepreneurs.