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Vocab
Section 1
Section 2
Section 3
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100
Something people would like to have but not necessary.
What is a want?
100
Land, Capital, Labor, and Entrepreneurs.
What are the Factors of Production?
100
Monetary worth of a good or service that must be scarce and have utility.
What is value?
100

The amount of goods and services produced with a given amount of resources in a specific amount of time.

What is Productivity

100

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

What is wealth?

200
Factors of Production.
What is Land, Capital, Labor, and Entrepreneurs?
200
WHAT to produce, HOW to produce, and FOR WHOM to produce.
What are the three basic economic questions?
200
Market where goods and services are bought and sold.
What is a product market?
200
Alternative choices.
What is a trade-off?
200

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

What is utility?

300
Work or labor performed for someone.
What is a service?
300
The fundamental economic problem of meeting people's virtually unlimited wants without having enough resources.
What is Scarcity?
300
The location or other mechanism that allows buyers and sellers to exchange a specific product.
What is a market?
300
Cost of the next-best thing.
What is opportunity cost?
300

Division of Labor allows for this to take place.

What is Specialization

400
Good intended for final use by individuals.
What is a consumer good?
400
TINSTAAFL.
What is There is no such thing as a free lunch?
400

Value = _______ + _______

What is Scarcity + Utility 

400

Economic growth occurs when a nation’s total output of goods and services ________ over time.

What is increases

400

A car is an example of a _______ _______. 

What is durable good

500

A can of soup is an example of a _______ good. 

What is non-durable

500
Study of how people try to satisfy unlimited needs and wants through the careful use of scarce resources.
What is Economics?
500
Mutual dependency of one person's, firm's, or region's economic activities on another's.
What is economic interdependence?
500

The cause of an expanding or shrinking Production Possibilities Curve

What is productivity levels

500

The type of market where citizens earn their income.

What is the factor market