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Chapter 1 Vocabulary Economics

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2.refers to the “gifts of nature”, or natural resources not created by people.
5.a risk-taker in search of profits who does something new with existing resources.
6.the condition that results from society not having enough resources to produce all things people would like to have.
8.when a necessity has a low monetary value and a non-necessity has a very high value (3 Words)
9.refers to a worthy that can be expressed in dollars and cents.
10.a way of organizing work so that each individual worker completes a separate part of the work (3 Words)
12.a location or other mechanism that allows buyers and sellers to exchange a specific product.
15.the tools, equipment, machinery, and factories used in the production of goods and services.
19.An item that lasts for fewer than three years when used on a regular basis. (2 Words)
21.the capacity to be useful and provide satisfaction. It may vary in usefulness from person to person
22.way of thinking about a choice that compares the cost of an action to its benefits. (3 Words)
25.the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources.
26.where individuals spend the money they make in the factor market. These are markets where producers sell their goods and services. (2 Words)
28.people with all their efforts, abilities, and skills
29.resources that are required to produce the things we would like to have are land, capital, labor and entrepreneurs (3 Words)
30.accumulation of products that are tangible, scarce, useful, and transferable from one person to another
31.we rely on others and others rely on us to provide most of the goods and services we consume. As a result, events in one part of the world often have a dramatic impact elsewhere. (2 Words)
32.a basic requirement for survival, such as food, clothing, and shelter.
33.a measure of the amount of goods and services produced with a given amount of resources in a specific period of time
1.a diagram representing various combinations of goods and services an economy can produce when all its resources are in use. (3 Words)
3.Goods that last longer than 3 years. (2 Words)
4.work that is performed for someone
5.occurs when a nation’s total output of goods and series increases over time. (2 Words)
6.quality of life based on ownership of necessities and luxuries that make life easier. (3 Words)
7.something you would like to have but is not necessary for survival.
11.the cost of the next best alternative (2 Words)
13.the dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period (3 Words)
14.Goods intended for final use by individuals (2 Words)
16.market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention. (3 Words)
17.the sum of people’s skills, abilities, health, knowledge, and motivation. (2 Words)
18.a simplified equation, graph, or figure that show how something works. (2 Words)
20.takes place when factors of production perform only tasks they can do better or more efficiently than others.
23.individuals earn their incomes and this is where the factors of production are bought and sold. (2 Words)
24.a useful, tangible item, such as a book, car, or compact disc player, that satisfies a want.
27.all of the alternative choices of decisions we make (2 Words)

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