Vocabulary Worksheet Ch. 1
1. Economics
2. Factors of Production
3. Goods
4. Capital
5. Scarcity
6. Opportunity Cost
7. Production Possibilities Frontier
8. Efficiency
9. Entrepreneur
10. Shortage
A. Physical objects such as clothes or shoes.
B. Ambitious leader who combines land, labor, and capital to create and market new goods and services.
C. Land, labor, and capital; the three groups of resources that are used to make all goods and services.
D. The most desirable alternative given up as the result of a decision.
E. Any human made resource that is used to make other goods and services.
F. Using resources in such a way as to maximize the production of goods and services.
G. A situation in which a good or service is unavailable.
H. The study of how people seek to satisfy their needs and wants by making choices.
I. Limited quantities of resources to meet unlimited wants.
J. The line on a production possibilities graph that shows the maximum possible output.
1. Economics
2. Factors of Production
3. Goods
4. Capital
5. Scarcity
6. Opportunity Cost
7. Production Possibilities Frontier
8. Efficiency
9. Entrepreneur
10. Shortage
A. Physical objects such as clothes or shoes.
B. Ambitious leader who combines land, labor, and capital to create and market new goods and services.
C. Land, labor, and capital; the three groups of resources that are used to make all goods and services.
D. The most desirable alternative given up as the result of a decision.
E. Any human made resource that is used to make other goods and services.
F. Using resources in such a way as to maximize the production of goods and services.
G. A situation in which a good or service is unavailable.
H. The study of how people seek to satisfy their needs and wants by making choices.
I. Limited quantities of resources to meet unlimited wants.
J. The line on a production possibilities graph that shows the maximum possible output.