Econ

• Wood

  A budget and freely available resource
• Scarce resources

  • Singulated resources and unlimited wants, leading to choices between competing needs and wants
• Facts are factual
• Value judgments are expressed, while facts are not
• Opportunity cost

  The value of the next best alternative foregone when a decision is made
• Trade-off

  The concept of giving up one option to gain another
• Specialization

  When an entity focuses on the production of a narrow range of goods and services
• Division of labor

  When the production process is split into specific tasks for efficiency
• Demand

  How willing and able a consumer is to buy a product at a given price in a given time period
• Interdependent demand

  • Printer, ink
• Competitive demand

  • Pepsi, Coca-Cola
• Composite demand

  • Chase, buttermilk
• Chase effect

  A method of depreciation
• Money

  A measure of value, a medium of payment
• Barter system

  A system of trading goods and services without the use of money
• Supply

  The quantity of goods that a producer is willing to produce at a given price at a given time
• Joint supply

  • Where a firm produces more than one good, usually one is then a byproduct of the other, e.g. honey-beeswax