Scarcity & Choice

6 terms by mherlan 

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Chapter 1 section 2 vocabulary

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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