Chapter 1 Econ Vocab

4. mutual dependence of the economic activities of one person/company/region/nation
9. diagram representing all possible combinations of goods/services an economy can produce
10. market economy in which privately owned businesses have the freedom to operate with little govt. intervention
12. alternative that must be given up when one choice is made rather than another
14. study of how people satisfy needs/wants with limited resources
16. measure of the amount of output that is produced in a specific time period
23. markets in which productive resources are bought/sold
27. high value of nonessential item, low value of essential item
28. tool/equipment/manufactured good used for production of other goods
31. usefulness of a good
32. tools/equipment/factories used in production of goods and services
33. assignment of tasks to workers/factories/regions which can perform them most efficiently
36. simplified version of a complex concept through a graph/figure/equation/diagram
37. quality of life based on ownership of necessities and luxuries that make life easier

1. item that wears out/used up/lasts fewer than three years when used regularly
2. cost of next best alternative use of money/time/resources
3. risk-taking individuals who introduce new creations in search of profits
5. monetary worth of a product
6. market in which goods and services are bought/sold
7. natural resources or "gifts of nature" not made by humans
8. a social movement that was aimed at promoting the interests of consumers
11. monetary value of all final goods/services/structures produced in a country in a year
13. economic problem-needs and wants outweigh the resources
15. good intended for final use by consumers other than businesses
17. comparison of the cost of an action to its benefits
18. sum of tangible economic goods excluding services
19. increase of a nation's total output of goods/services over time
20. good that lasts at least three years with regular use
21. meeting place or mechanism through which buyers and sellers can come together
22. something we'd like to have, isn't necessary
24. sum of people's skills/abilities/health/motivation
25. productive resources needed to produce goods
26. people with all their abilities and efforts
29. division of work into seperate tasks to be performed by different workers
30. work or labor performed for someone
34. tangible economic product that is useful, transferable, and used to satisfy needs/wants
35. basic requirement for survival