Quizlet Econs Section I Test

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  1. capital goods: man-made products used to make other goods
  2. consumer goods: goods which give immediate satisfaction, goods (as food or clothing) intended for direct use or consumption
  3. consumers: buyers and users of products
  4. economic resources: the natural, human, and capital resources that are used to produce goods and services; also called factors of production
  5. economies of scale: lower average costs resulting from producing on a larger scale
  6. opportunity cost: the best alternative forgone when a choice is made
  7. producers: are people who make goods or provide services
  8. productivity: output per worker, per hour
  9. scarcity: not having enough resources to meet all wants
  10. specialisation: concentration on a narrow range of products or tasks