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1. Andrew Carnegie

2. Henry Ford

3. Oprah Winfrey

4. Bill Gates

5. Larry Page

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Trade off is a balance achieved between two desirable but incompatible features; a compromise.

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Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.

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A surplus is an amount of something left over when requirements have been met; an excess of production or supply over demand.

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Capital resources are goods produced and used to make other goods and services. Basic categories of capital resources include tools, equipment, buildings, and machinery.

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A shortage is a state or situation in which something needed cannot be obtained in sufficient amounts.

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Land
Labor
Capital
Entrepreneurship

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Scarcity is the state of being scarce or in short supply; shortage

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Command Economy
Traditional Economy
Market Economy
Mixed Economy

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What to produce?
For whom to produce?
How to produce?