Chapter 1: What is Economics? Review

each worker learns one task very well

• specialization

• standard of living

• production possibilities curve

• factor market

• scarcity

quality of life

• specialization

• standard of living

• production possibilities curve

• factor market

• scarcity

represents the range of production possibilities

• specialization

• standard of living

• production possibilities curve

• factor market

• scarcity

where all of the factors of production are bought and sold

• specialization

• standard of living

• production possibilities curve

• factor market

• scarcity

a fundamental problem in every society

• specialization

• standard of living

• production possibilities curve

• factor market

• scarcity

measures a country’s output and economic health

• gross domestic product

• capital good

• nondurable good

• economic interdependence

• consumerism

manufactured good used to produce other goods or services

• gross domestic product

• capital good

• nondurable good

• economic interdependence

• consumerism

food is an example of one

• gross domestic product

• capital good

• nondurable good

• economic interdependence

• consumerism

reliance on others to produce goods and services we need

• gross domestic product

• capital good

• nondurable good

• economic interdependence

• consumerism

movement that promoted the rights of buyers

• gross domestic product

• capital good

• nondurable good

• economic interdependence

• consumerism