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| the inputs that are used in production. There include natural resources, labor, and capital |
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| the limited resources for production relative to the demand for goods and services |
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| Another name for the productive resources of land labor and capital |
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| All natural resources, fields, forests, mineral deposits, the sea and other gifts of nature |
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| All human resources. manual clerical technical professional and managerial labor |
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| The means of production, including computers, buildings, machinery, and tools; alternatively, it can mean financial capital, the money used to acquire the factors of production |
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| a business innovator who sees the opportunity to make a profit from a new product, new process, or unexploited raw material and then brings together the land, labor and capital to exploit the opportunity. |
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| the body of skills and knowledge that comprises the processes used in production |
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| the money to acquire the factors of production |
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| a procedure used by scientists to develop explanations for events and test the validity of those explanations |
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| a tentative explanation of an event; used as a basis for further research |
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| the application of theoretical and factual tools of economic analysis to explaining economic developments or solving economic problems |
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| a production or consumption good that does not have direct cost |
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| any good or service that sells for a price; that is, good that is not free |
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| the data that describe economic variables; also the techniques of analyzing, interpreting, and presenting data. |
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| decision-making units, established practices or laws |
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| a word or phrase that conveys an economic idea |
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| a simplified representation of the cause and effect relationships in a particular situation. Models may be in verbal, graphic, or equation form |
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| a quantity- such as number of workers, amount of carbon dioxide, or interest rate- whose value changes in relationship to changes in the values of other associated items |
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| a graphical representation of statistical data or other information |
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| the changes in the values of a variable over time; a chart in which time_ generally years_ is one of the variables |
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| a graph that shows the relationship between two or more variables that may or may not have values that can actually be measured; a graphical model |
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| a relationship between two variables in which their values increase and decrease together |
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| a relationship between two variables in which the value of one decreases as the value of the other increases |
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| economics dealing with society as a whole |
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| economics dealing with the individual |
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