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Economics Vocab

Opportunity Cost What is given up by doing one thing instead of another
Productive Capacity The total amount of things that a group of people can produce
Technology Special knowledge of how to make or do something
Capital Goods Complex tools needed for making things
Specialization To do one thing very well
Division of Labor Different workers do different jobs to make a product
Assembly Line A product rolls past each worker; each worker performs his or her specialized job
Price Includes how much a product costs and how difficult it is to get
Scarcity When a product is hard to get
Surplus When a product is easy to get
Free Market People can trade with each other almost at any time and in any way that they both agree
Voluntary Exchange People can buy what they want and sell what they want
Created by: mmartin1213