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What's Economics
Chapter 1 Vocabulary
12
Economics
12th Grade
09/13/2011

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Term
Scarcity
Definition
Not enough of a certain resource to satisfy people's needs and wants.
Term
Economics
Definition
The stdy of how people, businesses, countries make choices, use their resources.
Term
Goods
Definition
Things that might be seen, touched, bought, sold.
Term
Service
Definition
Something that can be performed for others for money.
Term
Factors Of Production
Definition
Four things needed to produce goods & services. Natural resources, labor, Capital, entrepreneurs.
Term
Natural Resource
Definition
Something provided by nature, such as wood, oil, coal that can be used to produce goods & services.
Term
Labor
Definition
Workers.
Term
Capital
Definition
Human- made items, such as machines, tools that are used to produce goods & services.
Term
Entreprenuer
Definition
A person who comes up with ideas for producing goods & 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 goods or a few kinds of goods and services.
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