Economics Chapter 1

Worth of a good or service as determined by current market conditions

Dollar value of all good and services produced in a country in one year

Graph shows the max # of goods/services that can be produced when all resources are at the max

When you choose one thing instead of another

System where privately owned businesses can profit with limited gov't interference

Contradiction between HIGH price of WANTS and LOW price of needs

quality of life based on ownership of wants and needs that makes life easier

division of labor so everybody can become great at what they do

Sustained period of time when a nation's total output of goods and services increases

Meeting "place" where buyers and sellers come together

determined by how USEFUL something is to people

Cost of the next best alternative..the thing you are "giving up" when you choose something else

Social science dealing with how people satisfy needs and wants with limited resources

Where goods and services are offered for sale

Different work complete different tasks

Comparing the cost of something to its benefits

Land, capital, labor, entrepreneurship

Tangible product that satisfies a want or need

Manufacturers produce goods that will break down soon so customers will have to buy new ones

Problem where limited resources can't meet people's wants and needs

Activities happen In one part of the world affect other parts of the world

Buyer beware, it is the consumer’s responsibility to assume the vendor is lying