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| The means of production including computers, buildings, machinery, and tools; alternatively, it can mean financial capital, the money used to acquire the factors of production |
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| The inputs that are used in production. They include natural resources (minerals, timber, rivers), labor (blue collar, white collar), and capital (machinery, buildings). |
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| The limited resources for production relative to the demand for goods and services. |
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| All natural resources, including fields, forests, mineral deposits, the sea, and other gifts of nature. |
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| All human resources, including manual, clerical, technical, professional, and managerial labor. |
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| A business innovator who sees the opportunity to make a profit from a new product, new process, or unexploited raw material and then brings together the land, labor, and capital to exploit the opportunity. |
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| The body of skills and knowledge that comprises the process used in production. |
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| The money to acquire the factors of production |
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| A procedure used by scientists to develop explanations for events and test the validity of those explanations. |
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| A tentative explanation of an event; used as a basis for further research |
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| The application of theoretical and factual tools of economic analysis to explaining economic developments or solving economic problems. |
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| A production or consumption good that does not have a direct cost. |
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| Any good or service that sells for a price; that is, a good that is not free. |
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| The data that describe economic variables; also the techniques of analyzing, interpreting , and presenting data |
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| Decision-making units, established practices, or laws. |
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| A word or phrase that conveys an economic idea |
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| A simplified representation of the cause-and-effect relationships in a particular situation. Models may be in verbal, graphic, or equation form. |
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| A graphical representation of statistical data or other information |
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| The Changes in the values of a variable over time; a chart in which time--generally years--is one of the variables |
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| A graph that shows the relationship between two or more variables that may or may not have values that can actually be measured; a graphical model |
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| A relationship between two variables in which their values increase and decrease together. |
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| A relationship between two variables in which the value of decreases as the value of the other increases |
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| Another name for the productive resources of land, labor, and capital. |
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| A quantity--such as number of workers, amount of carbon dioxide, or interest rate--whose value changes in relationship to changes in the values of other associated terms. |
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| Covers all the overall aspects of the economy. It deals with the total performance of the economy rather than with the behavior of individual units |
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| Covers all the overall aspects of the economy. It deals with the total performance of the economy rather than with the behavior of individual units |
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| the branch of economics dealing with particular aspects of an economy, as the price-cost relationship of a firm. |
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