Economics Ch 1 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | the study of how people satisfy unlimited wants with scarce resources
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| scarcity | limited resources
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| opportunity cost | coast for the next best alternative use of money, time or resources
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| needs | things we must have for survival
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| wants | goods and services that bring us satisfaction
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| factors of production | productive resources needed to make goods or provide services
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| capital | tools, equipment, and factories used in the production of goods and services
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| financial capital | money used to buy the tools and equipment used in production
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| labor | people with all their abilities and efforts
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| entrepreneur | risk-taking individuals in search of profits
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| GDP | dollar value of all final goods, services, and structures produced with a country's borders over a one-year period
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| economic product | good or service that is useful, relatively scarce, and transferable
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| good | tangible economic product
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| service | work or labor performed for someone
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| value | worth of a good or service based on the market
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| utility | the usefulness or satisfaction of a good or service
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| wealth | accumulation of economic goods
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| market | a place that allows buyers and sellers to come together
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| economic growth | sustained period during which a nation's total output of goods and services increases
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| productivity | degree to which resources are used efficiently
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| division of labor | separating tasks to be used by different workers
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| specialization | assignment of specific tasks to increase efficiency (usually includes more training)
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| economic interdependence | economic activities in one part of the country or world affect what happens elsewhere
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| consumer good | a good intended for final use by consumers rather than business
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| factor market | market where people earn their incomes
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| product market | market where people use their incomes to buy from producers
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| standard of living | quality of life based on ownership of necessities and luxuries that make life easier
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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