Economics Chapter 1 Vocab Crossword – Flashcards
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Factors of Production
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Productive resources
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Economic Product
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Transferable, useful, somewhat scarce good or service
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Entrepreneur
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Risk-taker
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Productivity
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Efficient use of resources
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Specialization
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Division of labor
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Non-durable Goods
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Items that last for less than 3 years
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Scarcity
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Condition caused by unlimited wants and limited resources
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Consumption
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Process of using up goods and services
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Service
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Work performed for someone
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Land
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Natural resource not created by human effort
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Economics
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Social science that studies human efforts to satisfy wants
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Financial Capital
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Money used to buy tools and equipment used in production
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Trade-offs
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Alternative choices
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Need
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Basic requirement for survival
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Wealth
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Sum of tangible, scarce, useful, transferable products
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Labor
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People with efforts, abilities, and skills
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Want
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Means of expressing a need
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Value
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Worth of a good or service
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Market
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Place for buying and selling a product
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Utility
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Capacity to be useful
