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Chapter 1 Vocab

Economics Ch 1 Vocab

TermDefinition
economics the study of how people satisfy unlimited wants with scarce resources
scarcity limited resources
opportunity cost coast for the next best alternative use of money, time or resources
needs things we must have for survival
wants goods and services that bring us satisfaction
factors of production productive resources needed to make goods or provide services
capital tools, equipment, and factories used in the production of goods and services
financial capital money used to buy the tools and equipment used in production
labor people with all their abilities and efforts
entrepreneur risk-taking individuals in search of profits
GDP dollar value of all final goods, services, and structures produced with a country's borders over a one-year period
economic product good or service that is useful, relatively scarce, and transferable
good tangible economic product
service work or labor performed for someone
value worth of a good or service based on the market
utility the usefulness or satisfaction of a good or service
wealth accumulation of economic goods
market a place that allows buyers and sellers to come together
economic growth sustained period during which a nation's total output of goods and services increases
productivity degree to which resources are used efficiently
division of labor separating tasks to be used by different workers
specialization assignment of specific tasks to increase efficiency (usually includes more training)
economic interdependence economic activities in one part of the country or world affect what happens elsewhere
consumer good a good intended for final use by consumers rather than business
factor market market where people earn their incomes
product market market where people use their incomes to buy from producers
standard of living quality of life based on ownership of necessities and luxuries that make life easier
Created by: aemiller
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