Scarcity & Choice
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6 terms
Terms | Definitions |
|---|---|
 scarcity | Fundamental economic problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants |
| allocate | To distribute resources in order to satisfy the greatest number of needs and wants. |
| Productivity | the quantity of goods and services produced from each unit of labor input |
| efficiency | Using resources in such a way as to maximize the production of goods and services. |
| division of labor | Division of work into a number of separate tasks to be performed by different workers |
| specialization | the development of skills in a specific kind of work |
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