1. Types of Economic Resources

2. Land/Natural Resources Entrepreneurship- Risk taken or idea person
Labor/Human Resources- Physical effort of humans
Capital
physical- anything (tools or items used to make something else. Normally made by humans)
Human- Human knowledge and education (You are in training for a new skill)

3. Land Water Oil Coal Trees
Anything that comes or originates from the Earth.

4. Entrepreneurship The risk taker for creating a business
Example- Steve Jobs

5. Physical Capital
Man Made tools

6. Human Capital
The job training and knowledge needed to do a job.

7. Marginal Analysis

8. When making a decision on how to use a small amount of resources.
Example: Will one more hour help me make a higher grade on a test.

9. Cost vs. Benefit Analysis

10. Weighing the good vs the bad
A rational person will always pick the positive choice.

11. Utility

12. The amount of satisfaction you get from something.

13. Marginal Utility

14. How much satisfaction you are getting by repeating your action.
When eating a box of Oreos, do you enjoy the first cookie as much as the 60th?

15. Efficiency

16. Using your resources wisely
Not wasting anything

17. Underutilization
Wasting your resources

18. Production Possibility Curve
A curve showing the rates of two goods or services an economy can produce efficiently in a given period of time.