Economics chapter 1 vocabulary

A ____ is a desire

That can be satisfied by consuming a good or service

• Want

• Consumer

• Scarcity

• Labor

A ____ is things people always want more no matter how much they have already

• Want

• Capital

• need

• Efficiency

_____Is a situation that exist when there’s not enough sources to meet human wants

• Incentives

• Factors of production

• Scarcity

• Marginal benefit

_____Is the study of how people choose to use scarce resources to satisfy their wants

• Micro economics

• Statistics

• Positive economics

• Economics

____Are physical objects that can be purchased such as foods clothing and furniture

• Marginal cost

• Goods

• Services

• Normative economics

_______Is work that one person performed from another payment

• Services

• Economics

• Opportunity cost

• Goods

A person who buys goods and services

• Producer

• Needs

• Consumer

• Insensitive

A person who makes goods or provides service

• Consumer

• Labor

• Producer

• Trade off

___the economic resource needed to produce goods and services

• Macroeconomics

• Economic models

• Efficiency

• Factors of production

_____Includes all the natural resources on or underground that are used to produce goods and services

• Entrepreneurship

• Land

• Labor

• Economic