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