1. Decision Making MoneyScarcity Entre- preneurs Human Capital $100 $500 $400 $300 $200

2. Decision Making - $100 Reaching a conclusion after considering alternatives and their results.

3. Decision Making - $100 What is Decision Making?

4. Decision Making - $200 An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

5. Decision Making - $200 What are costs?

6. Decision Making - $300 Monetary or non-monetary gain received because of an action taken or a decision made.

7. Decision Making - $300 What are benefits?

8. Decision Making - $400 People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

9. Decision Making - $400 Who are consumers?

10. Decision Making - $500 The giving up of one benefit or advantage in order to gain another regarded as more favorable.

11. Decision Making - $500 What is a Trade-off?

12. Money - $100 Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value.

13. Money - $100 What is money?

14. Money - $200 Tangible objects that satisfy human wants.

15. Money - $200 What are goods?

16. Money - $300 Activities performed by people, firms, or government agencies to satisfy human wants.

17. Money - $300 What are services?

18. Money - $400 The money in circulation in any country.

19. Money - $400 What is currency?

20. Money - $500 Trading a good or service for another good or service, or for money.

21. Money - $500 What is exchange?

22. Scarcity - $100 Desires that can be satisfied by consuming or using a good or service.

23. Scarcity - $100 What are wants? *Remember: economists do not differentiate between wants and needs.

24. Scarcity - $200 The condition that exists because human wants exceed the capacity of available resources to satisfy those wants.

25. Scarcity - $200 What is scarcity?

26. Scarcity - $300 Gifts of nature that can be used to produce goods and services, for example: oceans, air, mineral deposits, forests and fields of land.

27. Scarcity - $300 What are natural resources?

28. Scarcity - $400 A characteristic of people who assume the risk of organizing productive resources to produce goods and services.

29. Scarcity - $400 What is entrepreneurship?

30. Scarcity - $500 Resources and goods made and used to produce other goods and services.

31. Scarcity - $500 What are capital goods?

32. Entrepreneurs - $100 One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit.

33. Entrepreneurs - $100 What is an entrepreneur?

34. Entrepreneurs - $200 Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firms explicit and implicit costs from its total revenues.

35. Entrepreneurs - $200 What is profit?

36. Entrepreneurs - $300 Something manufactured or refined for sale.

37. Entrepreneurs - $300 What is a product?

38. Entrepreneurs - $400 The chance of losing money.

39. Entrepreneurs - $400 What is risk?

40. Entrepreneurs - $500 Any activity or organization that produces or exchanges goods or services for a profit.

41. Entrepreneurs - $500 What is (a) business?

42. Human Capital - $100 The health, education, experience, training, skills, and values of people. Also known as human resources.

43. Human Capital - $100 What is human capital?

44. Human Capital - $200 Payments for labor services that are directly tied to time worked, or to the number of units of output produced.

45. Human Capital - $200 What are wages?

46. Human Capital - $300 Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends.

47. Human Capital - $300 What is income?

48. Human Capital - $400 An increase in real output as measured by real GDP or per capita real GDP.

49. Human Capital - $400 Economic Growth

50. Human Capital - $500 The amount of output (goods and services) produced per unit of input (productive resources) used.

51. Human Capital - $500 What is productivity?