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Decision Making

Decision Making. Money. Scarcity. Entre- preneurs. Human Capital. $100. $100. $100. $100. $100. $200. $200. $200. $200. $200. $300. $300. $300. $300. $300. $400. $400. $400. $400. $400. $500. $500. $500. $500. $500. Decision Making - $100.

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Decision Making

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  1. Decision Making Money Scarcity Entre- preneurs Human Capital $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

  2. Decision Making - $100 Reaching a conclusion after considering alternatives and their results.

  3. Decision Making - $100 What is Decision Making?

  4. Decision Making - $200 An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

  5. Decision Making - $200 What are costs?

  6. Decision Making - $300 Monetary or non-monetary gain received because of an action taken or a decision made.

  7. Decision Making - $300 What are benefits?

  8. Decision Making - $400 People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

  9. Decision Making - $400 Who are consumers?

  10. Decision Making - $500 The giving up of one benefit or advantage in order to gain another regarded as more favorable.

  11. Decision Making - $500 What is a Trade-off?

  12. Money - $100 Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value.

  13. Money - $100 What is money?

  14. Money - $200 Tangible objects that satisfy human wants.

  15. Money - $200 What are goods?

  16. Money - $300 Activities performed by people, firms, or government agencies to satisfy human wants.

  17. Money - $300 What are services?

  18. Money - $400 The money in circulation in any country.

  19. Money - $400 What is currency?

  20. Money - $500 Trading a good or service for another good or service, or for money.

  21. Money - $500 What is exchange?

  22. Scarcity - $100 Desires that can be satisfied by consuming or using a good or service.

  23. Scarcity - $100 What are wants? *Remember: economists do not differentiate between wants and needs.

  24. Scarcity - $200 The condition that exists because human wants exceed the capacity of available resources to satisfy those wants.

  25. Scarcity - $200 What is scarcity?

  26. Scarcity - $300 “Gifts of nature” that can be used to produce goods and services, for example: oceans, air, mineral deposits, forests and fields of land.

  27. Scarcity - $300 What are natural resources?

  28. Scarcity - $400 A characteristic of people who assume the risk of organizing productive resources to produce goods and services.

  29. Scarcity - $400 What is entrepreneurship?

  30. Scarcity - $500 Resources and goods made and used to produce other goods and services.

  31. Scarcity - $500 What are capital goods?

  32. Entrepreneurs - $100 One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit.

  33. Entrepreneurs - $100 What is an entrepreneur?

  34. Entrepreneurs - $200 Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm’s explicit and implicit costs from its total revenues.

  35. Entrepreneurs - $200 What is profit?

  36. Entrepreneurs - $300 Something manufactured or refined for sale.

  37. Entrepreneurs - $300 What is a product?

  38. Entrepreneurs - $400 The chance of losing money.

  39. Entrepreneurs - $400 What is risk?

  40. Entrepreneurs - $500 Any activity or organization that produces or exchanges goods or services for a profit.

  41. Entrepreneurs - $500 What is (a) business?

  42. Human Capital - $100 The health, education, experience, training, skills, and values of people. Also known as human resources.

  43. Human Capital - $100 What is human capital?

  44. Human Capital - $200 Payments for labor services that are directly tied to time worked, or to the number of units of output produced.

  45. Human Capital - $200 What are wages?

  46. Human Capital - $300 Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends.

  47. Human Capital - $300 What is income?

  48. Human Capital - $400 An increase in real output as measured by real GDP or per capita real GDP.

  49. Human Capital - $400 Economic Growth

  50. Human Capital - $500 The amount of output (goods and services) produced per unit of input (productive resources) used.

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