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Economics Chapter 1 Vocabulary

Teacher: Webster's World
Anything that people use to make things or to do work.
A system in which a product moves from worker to worker so it can be put together faster.
Work you do.
A thing that is not needed to survive but that makes life better.
All combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
Process of turning resources into products.
Machines, building, tools, and money
Dividing up workers so that each worker completes one job, which is part of a larger job.
People's ability to start a new businesses or improve old ones.
The cost of choosing one choice over another.
When a person, country, or region works on making one part of an item.
Resources that are used to make goods and services.
The amount of goods and services workers can produce in a given time.
The study of how people and countries make decisions about how to use their scarce resources in the most efficient way.
Each possible use of a resource.
The problem in which wants are greater than our resources.
The act of giving up one thing for another.
Something that is necessary to remain alive.