Ava'sEconCh.1Vocab

9. for something to also have value; capacity to be useful
10. situation where some necessities, such as water, have little monetary value
11. economic sense, accumulation of those products that are tangible, scarce, useful and transferable from one person to another
12. the American economy has a remarkable degree of
14. takes place when factors of production perform tasks that they can do relatively more efficiently than others
16. takes place when work is arranged so that individual workers do fewer tasks than before

1. occurs when a nations total output of goods and services increases over time
2. goods and services that are useful, relatively scarce
3. markets where producers sell their goods and services to consumers
4. markers where productive resources are bought and sold
5. a measure of the amount of output produced by a given amount of inputs in specific period of time
6. an item that is economically useful or satisfies and economic want
7. location or other mechanism that allows buyers and sellers to exchange a certain economic product
8. refers to a worth that can be expressed in dollars or cents
13. manufactured goods are used to produce other goods and services
15. work that is performed for someone