Econ Chapter 1

Manufactured goods needed to produce other goods and services are called

work that is performed for someone

To arrive at an economic decision, a decision-making grid may be used to evaluate

people with all their efforts, abilities, and skills

sum of those economic products that are tangible, scarce, useful, and transferable

The money used to buy the tools and equipment needed for production is known as

process of using up goods and services to satisfy wants and needs

The dollar value of all final goods and services of a country's total production output is

study of how people try to satisfy their needs and wants through the use of limited resources

quality of life based on the possession of the necessities and luxuries that make life easier

any good that lasts three years or more when used regularly

item that is economically useful or that satisfies an economic want

Some necessities have little value while some non-necessities have a higher value is known as

basic requirement for survival

tools, equipment, machinery, and factories used in the production of goods and services

market where productive resources are bought and sold

process of creating goods and services

alternative choices made by consumers in the marketplace

condition of not having enough resources to produce all the things people want

cost of the next best alternative use of resources when one choice is made rather than another

The study of economics is important because it enables us to

Division of labor is a characteristic of

An economy at its production possibilities frontier is operating

worth that can be expressed in dollars and cents

A popular model used to illustrate the concept of opportunity cost is

Actions in the world that have an economic impact on what happens elsewhere are examples of