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what is economics
chapter 1
13
Economics
12th Grade
09/13/2011

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Term
Scarcity
Definition
not eneought of a certain resource to sastify people needs and wants
Term
Economic
Definition
the study of how people, businesses, and countries make choices and use their resources.
Term
Goods
Definition

1.things that can be seen, touched, bought or sold

Term
Service
Definition
something performed for others for money
Term
Factors of Production
Definition

 Four things needed to produce goods and services.   Natural resources, labor, capital, and entrepreneurs.

Term
Natural Resource
Definition

 Something provided by nature, such as wood, oil, and coal that can be used to produce goods and services

Term
Capital
Definition
Human-made items, such as machines and tools that are used to produce goods and services
Term
Entrepreneur
Definition
A person who comes up with the ideas for producing goods and services.
Term
Opportunity Cost
Definition
 Whatever is given up when a choice has to be made; a trade off
Term
Specialization
Definition
the use of resources to produce only a single good or a few kinds of goods and services
Term
Productivity
Definition

 the amount of goods and services provided by a worker or business in a given time period

Term
Technology
Definition

the use of science to create new or better goods and services or more efficient methods of production

Term
Labor
Definition
Workers
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