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| A condition that exist when there is less of something than people/person wants/needs. example, Oil is become more scarce. |
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| The value of what is given up when any decision is made. "Choosing is refusing"- When choose you always refuse something/activity. |
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| Any accepted method of portioning out anthing that is scarce. Example, Pick a straw, oldest goes first, auction. |
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| Any reward or punishment administered willfully or not that induces a specific behavoior. Can be positive or negative. |
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| Any reward or punishment administered willfully or not that iduces an opposite or unintended reaction than the intended reaction. |
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| Any building/property that is used to produce a product. In Economics do not confuse this with Residential property. |
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| Workers, either skilled or unskilled hired with the intent of producing a product or service |
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| Any machine or money that is used to create a product/service or used to run the business, ie, payroll, power bill. |
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| The ability to combine land, labor, and capital and create a business. |
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| A special name given to a loan from a bank for buying a home, Fyi- Morti is latin for death. |
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| The price of borrowing money from either a bank or individual. |
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