AGS Economics Chapter 1 Vocabulary Review

The cost of choosing one choice over another

A thing that is not needed to survive but makes life better

Anything that people use to make things or to do work

When a person, country or region works on making one part of an item

Dividing up workers so that each worker completes one job, which is one part of a larger job

To turn materials into products people use every day

Each possible use of a resource

A problem in which wants are greater than what is available

When someone starts a new business or improves and old one

combination of goods/services that can be made from an amount of resources in a period of time

The amount of goods and services workers can produce in a given time

An item people buy, such as a car, TV, bed.

A large collection of info stored on a computer

The act of deciding on selecting what is wanted most

Something that is necessary to remain alive

A raw material on earth. Such as water, minerals, land, and forests

The use of science to create new products or make old ones better

Resources that are used to make goods and services

Work

Work done for other people for a fee

A system in which a product moves from worker to worker so it can be put together faster

The person who runs a business or some part of it

The study of how people and countries make decisions about their resources

Things of worth: Machines, Buildings, tools, and money

The act of giving up one thing for another