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Econ

Chapter 1

TermDefinition
Resource Anything that people use to make thing or to do work
Labor Work
Capital things of worth machines,buildings, tools, and money
Natural resource a raw material found on earth such as water minerals land and forests
Economics the study of how people and countries make decisions about how to use their scarce resources in the most efficient
Choice the act of deciding on and selecting what is wanted most
Needs something that is necessary to remain alive
Wants a thing that is not needed to survive but that makes life better
Good an item people buy such as a car, television or bed
Manufacture to turn materials into products people use every day
Service work done for other people for a fee
Scarcity a problem in with wants are greater than what is available
Trade off the act of giving up one thing for another
Opportunity each possible use of a resource
Opportunity cost the cost of choosing one choice over another
Production possibilities all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
Factors of production resources that are used to make goods and services
Entrepreneurship when someone starts a new businesses or improves an old one
Manager the person who runs a business or some part of it
Productivity the amount of goods and services workers can produce in a given time
Division of labor dividing up workers so that each worker completes one job which is one part of a larger job
Specialization when a person, country, or region works on making one part of an item
Assembly line a system in which a product moves from worker to worker so it can be put together faster
Technology the use of science to create new products or make old ones better
Database a large collection of information stored on a computer
Created by: mtrampf
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