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Chapter 1 Vocab
Economics Ch 1 Vocab
| Term | Definition |
|---|---|
| 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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