How it works

competition — the struggle between organisms to survive in a habitat with limited resources

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Economics

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needs
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want
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goods
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services
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trade-off
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4 factors of production
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land
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physical capital
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human capital
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entrepreneurs
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law of diminishing return
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fixed cost
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variable cost
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total costs
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marginal cost
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marginal revenue
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cost-benefit analysis
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specialization
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division of labor
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assembly line
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technological advances
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blue collar
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white collar
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wage
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salary
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traditional economy
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command economy
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market economy
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mixed economy
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natural resources
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3 Basic Economic Questiosn
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free enterprise
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circular flow of economic activity
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invisible hand
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supply and demand
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equilibrium price
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shortage
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surplus
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price floor
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price ceiling
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profit motive
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productivity
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