Chapter 1 Vocabulary

quality of life based on ownership of necessities and luxuries that make life easier

diagram representing maximum combinations of good/services an economy can produce 

assignment of tasks so that each worker performs fewer functions more frequently

fundamental economic problem facing all societies that result from not having enough resources

work or labor performed for someone (haircuts, home repairs, form of entertainment)

The study of how people seek to satisfy their needs and wants by making choices

father of economics

tool, equipment, other manufactured goods used to produced other goods and services

ability or capacity of a good or service to be useful and give satisfaction to someone

sum of tangible economic goods that are scarce, useful, and transferable from one to another

land, capital, labor, entrepreneurship

Something like air, food, and shelter that is necessary for survival

cost of the next best alternative use of money, time, or resources

good intended for final use by consumers 

tangible economic product that  is useful, relatively scarce, transferable to others

An item that we desire but that is not essential to survival,