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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.

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