Economics CHP 1.

each worker learns one task very well

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• Specialization

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Quality of Life

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• Standard of living

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represents the range of production possibilities

• Production Possibilities Curve

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where all of the factors of production are bought and sold

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• Factor Market

a fundamental problem in every society

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• Scarcity

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measures a country's output and economic health

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• Gross Domestic Product (GDP)

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manufactured good used to produce other goods and services

• Capitol Goods

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A can of soup is an example of a

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• Nondurable good

reliance on others to produce other goods or services

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• Economic interdependence

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movement that promoted the rights of buyers

• Consumerism

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