1
assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently.
2
risk-taking individual in search of profits.
3
economic system in which private citizens own and use the factors of production in order to generate profits.
4
social science dealing with how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
5
economic and political system in which all factors of production are collectively owned and controlled by the state.
6
political and economic system in which the government owns and controls some factors of production
7
fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources.
8
work or labor performed for someone.
9
tools, equipment, and factories used in the production of goods and services.
10
meeting place or mechanism that allows buyers and sellers to come together.
11
ability or capacity of a good or service to be useful and give satisfaction to someone.
12
sum of tangible economic goods that are scarce, useful, and transferable from one person to another.
13
natural resources or other “gifts of nature” not created by human effort.
14
basic requirement for survival, including food, clothing, and shelter.
15
monetary worth of a good or service as determined by the market.
16
people with all their efforts, abilities and skills. Correct Answers Labor
17
tangible economic product that is useful, relatively scarce, and transferable to others.
18
something we would like to have but is not necessary for survival.
19
dollar value of all final goods, services, and structures produced within a country’s borders during a one-year period.
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