Innovation and Entrepreneurs

Scarcity is:

• A situation in which unlimited wants exceed the limited resources available to fulfil those wants.

• When someone cannot afford to buy goods for their life

• An instance when someone has too much

• The ability of a person to provide

Economics is:

• Money and time

• Study of how people and societies use limited resources to satisfy unlimited wants.

• the collective wealth of a country or its means of producing goods and services

• all the human time ,effort, and talent used to produce goods and services

Goods are:

• Can be bought but not touched

• Have to be bought

• physical objects, such as food, clothing, and furniture, that can be purchased

• work that one person does for another for payment

Services are:

• What your phone uses to get reception.

• Something tangible and customer can touch.

• Customers need to ingest this.

• Actions or activities that one person performs for another.

Consumer:

• A person who buys and uses goods and services

• What occurs when you digest food

• Someone who sells products

• Person in charge of businesses

Producer:

• A primary caregiver

• Agronomist

• A person who buys and uses goods and services

• A maker of goods or a provider of services.

Resources:

• Data entry services

• the value of something that is given up by choosing one alternative over another

• the collective wealth of a country or its means of producing goods and services

• What makes up the capital

Factors of production:

• Land, labour, capital and entrepreneurship

• Labour, resources, innovation, money

• Labour, capital, innovation, money

• the alternative someone gives up when making an economic choice

Opportunity Cost:

• How much an option will be for your business

• the value of something that is given up by choosing one alternative over another

• Taking into account the intangible cost of implementing a product

• The amount something should cost to the producer

Trade off:

• The cost of a product to the distributor

• What happens when an entrepreneur creates an idea

• When the food on the shelf expires

• Alternatives that must be given up when one is chosen over another