Chapter 1 Vocab Word Scramble
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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 |
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aemiller
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