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3
|
people who take risks in the hope of profit
|
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4
|
Doing one thing makes us sacrifice the opportunity to do something else we value.
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5
|
must be present to hold entrepreneurs and their investors accountable for the efficient allocation of their resources.
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7
|
How changes in a market prices alter incentives in a manner that works to coordinate the actions of buyers an sellers.
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8
|
the value of other things that have to be sacrificed.
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9
|
the value of the additional improvement.
|
|
10
|
tools, machines, and buildings
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12
|
Resources required to produce free public services.
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13
|
whether or not to purchase a product or service at a price above the production cost.
|
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14
|
education, skills, training,and experience of workers
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|
|
|
|
|
|
1
|
Human decision making, the analysis of the forces underlying choice, and the implications with regard to how society works.
|
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2
|
society has limited resources and therefore cannot produce all the goods and services people wish to have
|
|
3
|
the ways that human activities are organized and the rules under which they operate.
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6
|
the marginal costs and marginal benefits that are relevant to sound decision-making (actions that generate more benefits than costs).
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11
|
spurs economic progress by the use of brain power to discover new products and less costly methods of production.
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|
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