Economic Concepts Flashcard

Front

Each worker learns one task very well.

Back

specialization

Front

Quality of life.

Back

standard of living

Front

Represents the range of production possibilities.

Back

production possibilities curve

Front

Where all of the factors of production are bought and sold.

Back

factor market

Front

A fundamental problem in every society.

Back

scarcity

Front

Measures a country’s output and economic health.

Back

gross domestic product

Front

Manufactured good used to produce other goods or services.

Back

capital good

Front

Food is an example of one.

Back

nondurable goods

Front

Reliance on others to produce goods and services we need.

Back

economic interdependence

Front

Movement that promoted the rights of buyers.

Back

consumerism