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Economic Terms Collage. Scarcity. Scarcity implies that not all of society's goals can be pursued at the same time. Human Capital. The attributes gained by a worker through education and experience. Opportunity Cost.

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Scarcity

Scarcity implies that not all of society's goals can be pursued at the same time.


HumanCapital

The attributes gained by a worker through education and experience.


Opportunity Cost

The cost related to the next-best choice available to someone who has picked between several mutually exclusive choices



Land

Land comprises all naturally occurring resources whose supply is inherently fixed.


ENTREPRENEUR

An Entrepreneur is defined one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods.

In layman’s terms, this means “the guy who makes ideas sellable.”


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