Economics Chapter 1 Vocab

items needed for survival:

Items meant to be used by consumers, not businesses

often called human resources

This is the study of how inds. or groups use limited resources to fulfill their unlimited wants

represents all combinations of goods and or services an economy can produce when all productive resources are employed:

Items meant to be used in the production of a good or service:

Using capital, this group produces goods and services for consumers:

Cost of the next best alternative:

Social movement that was aimed at promoting the interests of consumers:

Items that do not last for more than 3 years with regular use

Can include fish, water, minerals, etc.

The act of someone starting a new business is:

Assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently:

Items not required for survival:

Items meant to last more than 3 years with regular use:

Describes the usefulness of a good or service

Simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram:

Robots that make cars are considered:

work or labor performed for someone:

Basic economic problem that results from a combination of limited resources and unlimited wants

Resources needed to produce goods and services:

Broadest measurement of economic activity, always expressed in a dollar amount:

Deals with the economy as a whole and decision making by large units like governments:

Meeting place or mechanism through which buyers and sellers of an economic product come together:

Tangible items that people can buy such as washing machines and clothes:

Mutual Dependence of the econ activities of 1 person, comp., region or nation on another person, comp., region or nation

Sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services

A group that consumes goods and services

Deals with the behavior and decision making of individuals and small firms:

All other options forgone with a choice