How can we help?

You can also find more resources in our Help Center.

6 terms

Scarcity & Choice

Chapter 1 section 2 vocabulary
STUDY
PLAY
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