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what is Economics
chapter1 vocabey
13
Economics
11th Grade
09/13/2011

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Term
scarcity
Definition

not enough of a certain resours to satisfy people needs and wants

 

 

Term
econmices
Definition
the study of how people, businesses , and counties make choices and use their resources
Term
goods
Definition
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, capitiy and entrepreneurs.
Term
natural resource
Definition
something provided by nature, such as wood,oil,and coal that can be uesd to produce good and serivces
Term
laber
Definition
workers
Term
capital
Definition
human-made items, such as machines and tools that are uesed to porduce goods and sevices
Term
entrepeneur
Definition
a preson who comes up with the ideas for producing goods and services
Term
opportunity cost
Definition
whatever is given up whan a chice 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 serivces
Term
porductivity
Definition
the amount of goods and services provided by a worker or bussines in a given time period
Term
technologly
Definition
the use of science to create new or better goods and sercvices or more efficient methods of production
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