Understanding Prosperity Through Change, Progress, and Trade Glossary
| Term | Definition | In My Words… | Image |
| Prosperity | Includes money, possessions, opportunities available, your health and wellness, how others treat you, and the freedom to make your own decisions. | ||
| Comparative Advantage | A country or individual has comparative advantage if they can produce a good or provide a service for the lowest cost. | ||
| Factors of Production | Productive resources needed to produce goods and services. The four resources are: land (natural resources), capital, labor (human resources), and entrepreneurship. | ||
| Capital | Tools, equipment, or other manufactured goods used to produce other goods and services. | ||
| Entrepreneurship | Risk taking individuals who introduce new products or services to the market, in search of a profit. |
