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Chapter 1 Vocabulary Economics

Sharon Lambert

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

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