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| unlimited wants with limited resources |
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| making your own business, to make your own profit. |
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| the sum of peoples skills abilities and motivation. |
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| The act of breaking down a job into small tasks performed by different workers. |
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| This is when people, business, regions or even countries concentrate on making what they can make better than anyone else. |
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| the measure of the amount of output produced by a given amount of input. |
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| The additional cost of producing the additional unit of the output. |
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| The total number of units sold multiplied by the average price per unit. |
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| The change in total revenue that results from selling one more unit of output. |
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| These cost are te same no matter how many units of a good are produced |
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| There are expenses that change with the number of items produced |
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