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| the means of production, including computers, buildings, machinery, and tools |
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| a graphical representation of statistical data or other informaiton |
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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 word or phrase that conveys an economic idea |
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| any good or service that sells for a pricep; that is, a good that is not free |
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| a simplified representation of the cause-and-effect relationships in a particular situation. models may be in verbal, grpahical, or equation form |
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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 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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| another name for the productive resources of land, labor, and capital |
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| the money to acquire the factors of production |
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| a production or sonsumption good that does not have a direct cost |
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| a tentative explanation of an event; used as a basis for further research |
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| decision-making units, established practices, or laws |
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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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| all human resources, including manual, clerical, technical, professional, and managerial labor |
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| all natural resources, including fields, forests, mineral deposits, the sea, and other gifts of nature |
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| the branch of economics dealing with the broad and general aspects of an economy, as the relationship between the income and investments of a country as a whole |
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| the branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm |
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| the inputs that are used in production. they include natural resources (minerals, timber, rivers), labor (blue collar, white collar), and capital (machinery, buildings) |
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| the limited resources for production relative to the demand for goods and services |
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| a procedure used by scientists to develop explanations for events and test the validity of those explanatiosn |
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| the data that describe economic variables; also the techniques of analyzing, interpreting, and presenting data |
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| the body of skills and knowledge that comprises the processes used in production |
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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 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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