Econ Word Scramble
E S C I V E S R
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| Factors of production | resources that are used to make goods and services |
| Labor | Work |
| Opportunity | each possible use of a resource |
| Resource | Anything that people use to make thing or to do work |
| Database | a large collection of information stored on a computer |
| Wants | a thing that is not needed to survive but that makes life better |
| 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 |
| Good | an item people buy such as a car, television or bed |
| Service | work done for other people for a fee |
| Entrepreneurship | when someone starts a new businesses or improves an old one |
| Trade off | the act of giving up one thing for another |
| Specialization | when a person, country, or region works on making one part of an item |
| Manufacture | to turn materials into products people use every day |
| Manager | the person who runs a business or some part of it |
| Technology | the use of science to create new products or make old ones better |
| Needs | something that is necessary to remain alive |
| Scarcity | a problem in with wants are greater than what is available |
| Division of labor | dividing up workers so that each worker completes one job which is one part of a larger job |
| Choice | the act of deciding on and selecting what is wanted most |
| Assembly line | a system in which a product moves from worker to worker so it can be put together faster |
| Productivity | the amount of goods and services workers can produce in a given time |
| Capital | things of worth machines,buildings, tools, and money |
| Production possibilities | all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time |
| Economics | the study of how people and countries make decisions about how to use their scarce resources in the most efficient |
Created by:
mtrampf
Popular Economics sets