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What is an item that is desired but is not essential to survival?

Economics Chapter 1 Vocablury A B underutilization Using fewer resources than an economy is capable of using. want An item that we desire but that is not essential to survival. capitalism An economic system in which a county's trade and industry are controlled by private business, rather than the government. 25 more rows

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Start over A B captial Any human-made resource that is used to create other goods or services. cost To an economist, cost is an alternative that is given up as the result of a decision. economics The study of how people satisfy their needs and wants by making choices. (Textbook definition) A social science concerned with the way society chooses to employ its limited resources, which have alternative uses, to produce goods and services for present and future consumption. (Class definition) efficiency Using resources in such a way as to maximize the production of goods and services. entrepreneur Leader who combines land, labor and capital to create and market new goods or services. factors of production Land, labor and captial; the three groups of resources that are used to make all goods and services. goods Physical objects such as clothes or shoes. guns or butter A phrase that refers to the trade-off that nations face when choosing whether to prodece more or less military or consumer goods. human capital The skills and knowledge gained by workers through education and experience. labor The effort that people devote to a task for which they are paid. land Natural resources that are used to make goods and services. law of increasing costs As we shift factors of production from making one good or service to another, the cost of producing the second item increases. need Something like air, food or shelter that is necessary for survival. opportunity costs The most desireable alternative given up as a result of a decision. physical capital All human-made goods that are used to produce other goods and sercies; tools and buildings production possibilities curve (PPC) A curve that shows alternative ways to use an economy's resources. scarcity Limited quantities of resources to meet unlimited wants. services Actions or activities one person performs for another. shortage A situation in which a good or service is unavailable, or a situation in which the quantity supplied, also known as excess demand. thinking at the margin Deciding whether to do or use one additional unit of some resource. trade-off An alternative we sacrifice when we make a decision underutilization Using fewer resources than an economy is capable of using. want An item that we desire but that is not essential to survival. capitalism An economic system in which a county's trade and industry are controlled by private business, rather than the government. democracy A political system where the people rule, either directly or though elected representatives. American dream The traditional social values of the United States, such as equality, prosperity and democracy. Meritocracy The holding of power by people selected on the basis of their ability. consumer A person that uses products or services, especially for personal needs.

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What is an invention you can't live without?

The wheel was probably the most important mechanical invention of all time. Just about all modern mechanical devices use the wheel in some way – cars, buses, bicycles, factory machines, toys, wristwatches, movie reels and more.

science.howstuffworks.com - 10 Scientific Breakthroughs We Literally Couldn't Live Without

" " One of the earliest uses of the wheel was on Egyptian chariots. iStockphoto/Thinkstock We've all heard the expression "no need to reinvent the wheel," meaning that a solution already exists for the problem at hand. This saying has added significance when you consider the many ways in which the wheel improved human life, and how long mankind lived without it. Archaeologists debate when the wheel was first invented. The earliest evidence of a wheel in human history occurs at about 3500 B.C.E. in Mesopotamia, but this evidence is associated with the wheel's use in pottery-making, not as a tool for transportation. It took another 300 years or so for the people of Mesopotamia to realize that the wheel could also help them to move things from place to place [source: Gambino]. Wheels evolved in a few stages, beginning with the use of logs as rollers to facilitate transportation and continuing on through the replacement of rollers with wheels that rotate on an axle [source: ThinkQuest]. By 2000 B.C.E., wheeled chariots appear in the archaeological record throughout ancient Egypt. Only by then the wheels had spokes, making them considerably stronger and lighter. The wheel was probably the most important mechanical invention of all time. Just about all modern mechanical devices use the wheel in some way – cars, buses, bicycles, factory machines, toys, wristwatches, movie reels and more. Not to mention the wheel's continued use for pottery-making and transporting goods by cart -- both of which ancient peoples must have appreciated.

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