Economics - Unit 1

Problem of meeting people's unlimited wants with scarce resources

• capital

• scarcity

• goods

• needs

people with all their efforts, abilities and skills

• labour

• capital

• economics

• scarcity

risk-taking person seeking profit

• economics

• labour

• entrepreneur

• value

a good that lasts for at least three years when used regularly

• durable goods

• nondurable goods

• service

• consumer

ability of a good or service to be useful and give satisfaction to someone

• value

• market

• wealth

• utility

tools, equipment, and factories used in the production of goods and services

• consumer goods

• capital goods

• services

• needs

productive resources that make up the four categories of land, capital, labor, and entrepreneurs

• consumer goods

• services

• capital goods

• factors of production

basic requirement for survival, including food, clothing, and shelter

• needs

• wants

• economics

• labour

something we would like to have but is not necessary for survival

• needs

• wants

• economics

• labour

apparent contradiction between the high monetary value of a nonessential item and the low value of an essential item

• needs

• wants

• paradox of value

• durable goods