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

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Term
Scarcity
Definition
not enough of a certain resource to satisfy peoples wants and needs. 
Term
Economics
Definition
the study of how people, businesses, and

countries 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, 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
Labor
Definition
Workers
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.

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