Term
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Definition
| allocates scarce resources, is a social science, determines production |
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Term
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Definition
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Term
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Definition
| needs are limited and wants are unlimited |
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Term
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Definition
| natural resources (ores, forests, fisheries) |
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Term
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Definition
| Human resources (mental or physical= skilled vs unskilled) |
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Term
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Definition
| Man-made aid to production (equipment, machinery, buildings) |
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Term
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Definition
| education, training and experience |
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Term
| what is Entrepreneurship? |
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Definition
| willingness to coordinate production and to bear risks |
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Term
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Definition
| not enough for everybody at a price of zero |
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Term
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Definition
| Knowledge about how to produce, can be embedded in capit |
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