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chapter 1
vocab
| Term | Definition |
|---|---|
| Consumer Goods | The goods and services that people buy. |
| Technology | Is the use of technical knowledge and methods to create new products or make exsiting products more efficient. |
| Entrepreneurship | The goal of Entrepreneurship is to develop a new mix of the other factors of production, creating something of value. |
| Entrepreneur | A person who wants to start a new business |
| Efficency | The use of the smallest resources to produce the largest amount of output. |
| Division of Labor | Assigning a small number of task to each worker. |
| Specialization | The process of specialization allows each employee to work faster to produce a greater number of alarm clocks. |
| Trade-off | The sacrafice of one good in order to purchase or produce another. |
| Oppurtunity Cost | The value loss by rejecting one use of resources in favor of another. |
| Production Possibility Curve | A graphic representation showingall of the possible combinations of two goods or services that can be produced. |
| Interdependence | Reliance among economic actors. |
| Exchange | which producers and consumers agree to provide one type of item and return for another. |
| Barter | Relies bargaining and often reaults in complied transaction. |
| Money | Any item that radily accepted by people in return for goods. |
| Credit | Allows consumers to use items before completing payment. |
| Value | Can be expressed as amount of money or price. |
| Utility | usefulness to a person. |
| Self-sufficiency | Being able to fulfill all their needs without assistance. |
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