Econ Ch 1 Vocab Quiz

peoples skills, abilities, and motivation

land, capital, labor and entrepreneurship

risk taking individual seeking profits

good or service that is useful to someone

good or service that is scarce, useful, and transferable

Few resources unlimited wants

tangible good scarce, useful, transferable

social science how society deals with scarcity

money used to buy tools and equipment for production

work or labor performed for someone

Dollar value of all final goods, services produced in a single year

peoples ability and efforts

meeting place for buyers and sellers

a good intended for consumers

tools, equipment, factories, used in production

high value for non essential wants low value for needs

basic requirement for survival

way of expressing a need

market where goods and services offered for sale

nations total output of goods and services increase

worth of a good or service

tangible useful economic product

divide work into separate tasks

efficient use of productive resources

market where productive resources are bought and sold

economic activities from all over have an effect on the world

natural resources

process of creating goods and services