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Civics Vocabulary - Goal 7 - Part 1

Economicsstudy of how people make choices about ways to secure resources to fulfill their wants and needs
Wantsthings we would like to have
NeedsRequirements for survival
Landarea needed to produce goods or services
Renewable Resourcesmaterials in nature that replenish themselves
Laborthe human effort directed toward producing goods and services
Capitalgoods used to make other goods - machines, tools, buildings
Entrepreneurshipskill of individuals who start new businesses
Productivitydegree that resources are being used efficiently to produce goods and services
Limited resourcesresources that are in limited quantity
Serviceswork performed by someone for someone else
Goodstangible products to satisfy our wants or needs
Wagesmoney paid to workers on an hourly basis
Salarymoney paid to management on a weekly, monthly or yearly basis
Consumersomeone who uses a good or service
Producersomeone who makes or delivers a good or service
Pricingthe determining of how much a business can get for its goods in the market
Nonrenewal resourcesmaterials in nature that do not replenish themselves
Immediate Gratificationshort term pleasure of a good with no long standing purpose
Incentivesrewards that are offered to try to persuade people to take certain economic actions
Fixed Costscosts that are the same, no matter how many units of a good are produced
Variable Costscosts that change with the number of products produced
Total Costsadding fixed and variable costs together
Marginal Costsextra cost to produce one additional unit of output
Assembly lineproduction where the product moves from station to station with each station specializing in the task they do
Technologiesuse of science to produce goods and services or to do things faster or more efficient
Roboticsuse of non-human labor to produce goods
Inventionany new product or idea
Innovationa new idea about an existing product or technique
Mass productionmaking goods in huge quantities that are usually identical items

Instructional Technology Facilitator
Surry County Schools

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