Alexis' Econ Ch1.2 Vocabulary

2. is a contradiction between necessities and value called.
3. refers to a worth that can be expressed in dollars and cents.
10. takes place when factors of production perform tasks that they can do relatively more efficiently than others.
12. work that is performed for someone.
14. are goods and services that are useful, relatively scarce, and transferable to others.
15. a location or other mechanism that allows buyers and sellers to exchange a certain economic product.
16. occurs when a nation's total output of goods and services increases over time.
17. a measure of the amount of output produced by a given amount of inputs in a specific period of time.

1. means that we can rely on others, and others rely on us, to provide the goods and services that we consume.
4. the sum of the skills, abilities, health, and motivation of people.
5. markets where producers sel their goods and services to consumers.
6. takes place when work is arranged so that individual workers do fewer tasks than before.
7. the markets where productive resources are bought and sold.
8. is the accumulation of those products that are tangible, scarce, useful, and transferable from one person to another.
9. the capacity to be useful andprovide satisfaction.
11. is when manufactured goods are used to produce other goods and services.
13. is intended for final use by individuals.