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Economics Vocabulary

Sharon Lambert

Chpater 1 Section 1

2   3                                
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2.Resources required to produce the thinks we would like to have (3 Words)
4.The tools, equipment, machinery, and factories used in the production of goods and services (2 Words)
5.Innovators responsible for much of the change in our economy
9."gifts of nature"
10.The study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scare resources
11.The condition that results from society not having enough resources to produce all the things people would like to have
1.The dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period. (3 Words)
3.another name for capital goods
6.A basic requirement for survival
7.Simply something we would like to have but is not necessary for survival
8.People with all their efforts, abilities and skills

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