the condition that results from society not having enough resources to produce all the things people would like to have
What is scarcity?
100
the capacity to be useful and provide satisfaction
What is utility?
100
tool, equipment, or other manufactured goods used to produced other goods and services
What are capital goods?
100
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
What is opportunity cost?
100
goods intended for final use by consumers rather than businesses
What is/are consumer good(s)?
200
the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
What is economics?
200
occurs when a nation's total output of goods and services increases over time
What is economic growth?
200
worth of a good or service determined by the market
What is value?
200
alternatives that must be given up when one is chosen rather than another
What are trade-offs?
200
market where productive resources are bought and sold
What is factor market?
300
the dollar value of all final goods and services and structures produced within a country's borders in a 12-month period
What is gross domestic product (GDP)?
300
assignment of tasks so that each workers performs fewer functions more frequently
What is specialization?
300
apparent contradiction between the high value of nonessentials and low value of essentials
What is paradox of value?
300
quality of life based on ownership necessities and luxuries that make life easier
What is standard of living?
300
money used to buy the tools and equipment used in production
What is financial capital?
400
land, capital, labor, entrepreneurs
What are the factors of production?
400
division of work into a number of separate tasks to be performed by different workers
What is division of labor?
400
the degree to which productive resources are used efficiently (normally refers to labor)
What is productivity?
400
way of thinking that compares the cost of an action to its benefit
What is cost-benefit analysis?
400
risk-taking individuals in search of profits
What is entrepreneur/entrepreneurship?
500
WHAT to produce, HOW to produce, and FOR WHOM to produce
What is the three basic economic questions?
500
economic activities in one part of the country or world affect that happens elsewhere
What is economic interdependence?
500
sum of tangible economic goods that are scarce, useful, and transferable from one person to another
What is wealth?
500
a diagram representing various combinations of goods and/or services an economy can produce
What is the production possibilities frontier?
500
market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention