Study of how scarce resources are allocated something you give up when you make a decision evaluating the costs and benefits of a decision man-made resources such as tools, machinery, etc. person who takes a risk to bring together other productive resources and start a business focusing on an area of expertise or one aspect of production workers with all their skills and abilities the next best alternative (the first thing you didn't choose) relationship of inputs to outputs natural resources 1. economics 2. trade off 3. opportunity cost 4. land 5. labor 6. capital 7. entrepreneur 8. productivity 9. cost-benefit analysis 10. specialization ill give you brainies