Anything people use to make or obtain what they need or want.
What is a Resource?
100
Anything that is necessary for survival.
What is a Need?
100
A person who purchases goods or services.
What is a Consumer?
100
A standardized means of exchange.
What is Money?
200
The study of the economic behavior of countries or international corporations.
What is Macroeconomics?
200
Any human effort exerted during the production process.
What are Human Resources?
200
The condition that results when unlimited needs and wants must be met with limited resources.
What is Scarcity?
200
The process of using minimum input to produce maximum output.
What is Efficiency?
200
The worth of a good or service for the purposes of exchange.
What is Value?
300
Physical products that can be purchased
What are Goods?
300
The buildings, structures, machinery, and tools used in the production process.
What are Capital Goods?
300
The economic term for all choices not taken (sacrificed).
What is Trade-off?
300
The level of output resulting from a given level of input.
What is Productivity?
300
An economist's word for a product's usefullness.
What is Utility?
400
Actions or activities that are performed for a fee.
What are Services?
400
The use of technical knowledge and methods to create new products or make existing products more efficiently.
What is Technology?
400
The best possible alternative given up when a choice is made.
What is Opportunity Cost?
400
The process that allows each employee to work faster and more expertly by focusing on one activity.
What is Specialization?
400
A process that allows consumers to use items before paying for them.
What is Credit?
500
The study of economic choices made by individuals or small businesses.
What is Microeconomics?
500
The combination of organizational ability and risk taking involved in opening a business or introducing a new product.
What is Entrepreneurship?
500
A diagram that shows all the possible combinations of two goods or services that can be produced within a stated time period, if all resources are used in the most efficient manner possible.
What is a Production Possibilities Curve?
500
Situation in which each worker is assigned a small number of tasks.
What is Division of Labor?
500
When people can fulfill all their needs and wants without outside assistance.