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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.”