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Econ
Chapter 1
Term | Definition |
---|---|
Resource | Anything that people use to make thing or to do work |
Labor | Work |
Capital | things of worth machines,buildings, tools, and money |
Natural resource | a raw material found on earth such as water minerals land and forests |
Economics | the study of how people and countries make decisions about how to use their scarce resources in the most efficient |
Choice | the act of deciding on and selecting what is wanted most |
Needs | something that is necessary to remain alive |
Wants | a thing that is not needed to survive but that makes life better |
Good | an item people buy such as a car, television or bed |
Manufacture | to turn materials into products people use every day |
Service | work done for other people for a fee |
Scarcity | a problem in with wants are greater than what is available |
Trade off | the act of giving up one thing for another |
Opportunity | each possible use of a resource |
Opportunity cost | the cost of choosing one choice over another |
Production possibilities | all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time |
Factors of production | resources that are used to make goods and services |
Entrepreneurship | when someone starts a new businesses or improves an old one |
Manager | the person who runs a business or some part of it |
Productivity | the amount of goods and services workers can produce in a given time |
Division of labor | dividing up workers so that each worker completes one job which is one part of a larger job |
Specialization | when a person, country, or region works on making one part of an item |
Assembly line | a system in which a product moves from worker to worker so it can be put together faster |
Technology | the use of science to create new products or make old ones better |
Database | a large collection of information stored on a computer |