| Economics | The study of how individuals and societies make choices under the condition of scarcity. |
| Scarcity | A condition that exists when there are not enough resources to satisfy all of the competing users |
| Resource | 4 categories-labor, or human resource, land or natural resources, capital resources, and entrepreneurship |
| Labor/human resources | Physical and mental capabilities of individuals used in the production of goods and services |
| Land/natural resources | Includes all types of natural resources |
| capital resources | Include equipment, machines, tools, and infrastructure |
| Entrepreneurship | the process of running a business of one’s own |
| Microeconomics | the study of how households and firms make decisions and how they interact in markets |
| Macroeconomics | The study of the economy as a whole |
| Economic model | a simplified representation of an economic environment, often employing a graph |
| Variable | A factor that can change |
| pie chart | Data graphed as slices of a circular pie. |
| bar graph | A graphic form using bars to make comparisons of statistics |
| time series graph | Shows how the value of a variable changes Over time |
| X-axis | the horizontal number line on the graph |
| Y-axis | the vertical axis on a coordinate plane |
| Intersection | A point where lines intersect. |
| vertical intercept | The point at which the graph intersects the vertical axis |
| positive relationship | If both variables move in the same direction |
| slope of a curve | The vertical difference between the rise and the run |
| Negative relationship | One variable increases while the other decreases |
