econ

Question 1

need

Answer 1

is a basic requirment for survival (food water shelter)

Question 2

scarcity

Answer 2

result of society not having enough to prduce all the things poeple would like to have

Question 3

want

Answer 3

is a way of expressing need Since a variety of wants satisfy a need,

Question 4

land

Answer 4

everything phyiscal other than humans or human made structures

Question 5

labor

Answer 5

all human exertion in the production of wealth

Question 6

capital

Answer 6

wealth used to produce more wealth or wealth in the course of exchange

Question 7

goods

Answer 7

items that are economically useful or satisfies an encome want

Question 8

consumer goods

Answer 8

used by individuals

Question 9

capital goods

Answer 9

goods to produce more goods

Question 10

consumers

Answer 10

a person who uses a good or service

Question 11

wealth

Answer 11

the accumaltion of products that are tangibill.scare,useful and transferable from one person to another

Question 12

product (GDP)

Answer 12

When all factors of production (land, labor, capital andentrepreneurship) are present production, –The total production of

goods and services created within a country during a calendar year.

Question 13

product market

Answer 13

producers sell their goods and services to consumers

Question 14

value

Answer 14

worth that can be expressed in ddollars

Question 15

opportunity costs

Answer 15

the value of what you gain by making the choice

Question 16

specialization

Answer 16

takes place when when factors OF production perform task that they can relatively work more efficiently than others

Question 17

divison of labor

Answer 17

work is arranged so that individual workers do fewer task than before

Question 18

utility

Answer 18

the compacity to be useful and provide satisfaction