Economics Word Scramble

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Term	Definition
Scarcity	- fundamental economic problem facing all societies resulting from a combination of scarce resources and peoples virtually unlimited needs and wants
Need	- Basic requirement for survival, including food, clothing, and shelter.
Service	-Work or labor performed for someone; economical product that includes haircuts, home repairs, and forms of entertainment.
Entrepreneurs	- risk-taking individual who introduce new products or services in search of profit; one of the four factors of production
Utilities	-ability or capacity of a good or service to be useful and give satisfaction to someone
Labor	- People with all their abilities and efforts; 1 of 4 factors of production; does not include the entrepreneurs.
Value	- monetary worth of a good or service as determined by the market.
Factors of Production	- Productive resources needed to produce goods; the four factors are land, capital,labor and entrepreneurship.
GDP	- Monetary value of all final goods,services, and structures produced within a country's national borders during a one-year period.
Capital good	-tool, equipment, or other manufactured good used to produce other goods and services; a factor of production ?
Consumer good	- intended for final use by consumer other than businesses
Economics:	social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
Production possibilities curve-	diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed.
Non-durable good	- An item that lasts fewer than three years when used on a regular basis.`
Wealth	- sum of tangible economic goods that are scare, useful, and transferable from one person to another; excludes services.
Good	-Tangible economic product that is useful,transferable to others,and used to satisfy wants and needs.
Opportunity Cost	- Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another.
Paradox of value	- apparent contradiction between the high value of a nonessential item and the low of an essential item.
Capital	- tools, equipment, and factories used in the production of goods and services; one of the four factors of production
Durable Good	- is one that lasts three years or more when used on a regular basis. Durable goods include tools such as robot welders and tractors, and consumer goods such as automobiles.
Accumulation	a mass or quantity of something that has gradually gathered or been acquired.
Specialization	takes place when factors of production perform only tasks they can do better or more efficiently than others.
Mechanism	Process or means by which something can be accomplished.
Economic Growth	An Increase in a nation’s total output of goods and services over time.
Consumerism	- The protection or promotion of the interests of consumers.
Productivity	- Measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production.
Land	- Natural resources or “gifts of nature” not created by human effort;one of the four factors of production.
Market	-meeting place or mechanism through which buyers and sellers of an economic product come together;may be local, regional,national,or global
Factor Markets- Markets in which productive resources are bought and sold.	- Markets in which productive resources are bought and sold.
Product Market	- Market in which goods and services are bought and sold.
Cost-benefit Analysis	- comparison of the cost of an action to its benefits
Free enterprise economy	- Market economy in which privately owned businesses have the freedom to operate for a profit with limited gov intervention
Economic Interdependence	-Mutual dependence of the economic activities of one person, company,region ,or nation on those another person,company,region,or nation.
Transferable	- capable of being passed from one person to another
Standard of Living	- our quality of life based on the ownership of the necessities and luxuries that make life easier.

Created by: demerson