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each worker learns one task very well
Specialization
another phrase or quality of life
quality of life
this graph represents the range of production possibilities
production possibilities curve
where all of the factors of production are bought and sold
factor market
a fundamental problem in every society
scarcity
This is how we measure a country output and economic health
GDP - Gross Domestic Product
manufactured good used to produce other goods or services
Capital Goods
food is an example of what type of good
nondurable good
reliance on others to produce goods and services we need
economic interdependence
movement that promoted the rights of buyers
consumerism
high value of a nonessential item and the low value of an essential item.
Paradox of Value
It identifies all possible combinations of goods and services an economy can produce.
Production Possibilities Curve
the cost of choosing one alternative over another
Opportunity Cost
Consumers waiting in long lines for a new product is an example of
Scarcity
When a nation's total output increases over time, the nation is experiencing
economic growth
The efficient use of scarce resources leads to an increase in
productivity
