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Definition
| Money and goods used to produce other goods and services. |
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Definition
| Individual who starts a new business, introduces new products and improves management techniques. |
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Definition
| What you give up when you make a trade-off: The next best use of a person's time, energy or resources |
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Definition
| A situation where there are not enough resources to meet the wants and needs of a society. |
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Definition
| The alternative you face when you choose one thing over another. |
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Definition
| Money or training put into improving the workforce. |
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Term
| Law of Diminishing Return |
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Definition
| The idea that there is a finite amount of resources that can be put into a product before t becomes unprofitable. |
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Term
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Definition
| When a person or firm focuses on producing a specific good or service. |
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