Economics Chapter 1 Vocab

2 x 16 =

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

Tangible item that is economically useful or that satisfies an economic want.

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

Where factors of production are bought and sold.

Work that is performed for someone.

Basic requirement for survival.

Process of using up good and services to satisfy wants and needs.

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

People with all their efforts, abilities and skills.

21/3=