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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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| another name for the productive resources of land, labor, and capital |
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| all natural resources, including manual, clerical, technical, professional and managerical 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 proces,, or unexploited raw material and then brings together the land, labor, and capital to exploit the opportunity |
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| the body 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 to devolp 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 a direct cost |
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| any good or service that sells for a price; that is, a good that is not free |
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| the data that describe economic vaiables; 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 a numver of workers, whose value changes in relationship to changes in the values of other associated items |
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| a graphical representation of statistical data of other information |
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| the changes in the values of a variable over time; a chart in which time 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 relationshi[ 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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