Test Vocabulary Chapter 1 (Economics)

human-made resource that is used to produce other goods and services

• capital

• goods

• services

• need

• want

essential for survival

• capital

• goods

• services

• need

• want

actions or activities that one person performs for someone else

• capital

• goods

• services

• need

• want

physical objects that someone produces

• capital

• goods

• services

• need

• want

a desire but that is not necessary for survival

• capital

• goods

• services

• need

• want

use of resources that maximizes output

• factors of production

• land

• labor

• efficiency

• economics

natural resources used to produce goods and services

• factors of production

• land

• labor

• efficiency

• economics

resources that are used to make goods and services

• factors of production

• land

• labor

• efficiency

• economics

effort people devote to tasks for which they are paid

• factors of production

• land

• labor

• efficiency

• economics

choices people make to satisfy their needs and wants

• factors of production

• land

• labor

• efficiency

• economics