Chapter 18 & 19 Review #1

Front

The study of how groups choose to use their limited resources

Back

Economics

Front

Natural resources, labor, capital, and entrepreneurs

Back

Factors of Production

Front

A shortage or limited availability of a good

Back

Scarcity

Front

A trade-off

Back

Alternative you face if you decide to do one thing rather than another

Front

Things that come from the earth, such as wood, oil, and coal

Back

Natural Resources

Front

Human made things that are used to produce goods and services

Back

Capital

Front

Libraries help students find the right book. They perform a

Back

Service

Front

The things you see in stores can be seen, touched, bought and sold. In economies these are called

Back

Goods

Front

Workers can measure their ______________________ by the amount of goods and services they produce in a given period of time.

Back

Productivity

Front

Some companies use their factors of production to make only one type of good or service, such as pencils. Using resources in this way is called _______________?

Back

Specialization