Chapter 1 Economics Review

each worker learns one task very well

• economic interdependence

• factor market

• specialization

• consumerism

quality of life

• standard of living

• factor market

• gross domestic product

• capital good

represents the range of production possibilities

• standard of living

• production possibilties curve

• consumerism

• gross domestic product

Where all of the factors of production are bought and sold

• factor market

• specialization

• capital good

• scarcity

a fundamental problem in every society

• specialization

• scarcity

• consumerism

• nondurable goods

measures a country's output and economic health

• capital good

• factor market

• gross domestic product

• specialization

manufactured good used to produce other goods or services

• capital good

• specialization

• nondurable goods

• economic interdependence

food is an example of one

• economic interdependence

• nondurable good

• capital good

• gross domestic product

reliance on others to produce goods and services we need

• economic interdependence

• factor market

• scarcity

• capital good

movement that promoted the rights of buyers

• scarcity

• gross domestic product

• consumerism

• factor market