Economics Lesson 1

Buying a basketball instead of taking a friend to a movie is an example of?

the amount of goods and services workers can produce in a given time is called?

Economics is the study of how people and countries make decisions about using________.

another word for work is?

when a person , country or region works on making one part of an item is called?

Limited resources but unlimited wants creates a _________.

What are the resources used to make goods and services called?

the use of science to create new products or make old ones better is called?

Natural Resources are_______found on Earth.

splitting a job into parts is called what?

if a person runs a business it makes them a what?

Wants are not necessary for survival but can make our lives______.

A new pair of shoes is an example of a _______.

Water and food is considered a _________.

What is it to turn materials into things people use everyday?

A system in which a product moves from worker to worker so it can be put together faster is ?

starting a business or improving an old one is an ____________.

An item people buy such as cars,televisions,or beds are called what?

The Work People do is a resource called what

water and minerals such as coal, oil, and air are examples of what?