Economics Unit 1

The study of how people try to satisfy their seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources

• consumer good

• economics

• need

• utility

The condition that results from society not having enough resources to produce all the things people would like to have

• scarcity

• want

• durable good

• services

A basic requirement for survival

• want

• nondurable good

• need

• scarcity

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

• want

• need

• economics

• utility

Useful tangible item, such as a book or a car

• services

• economics

• want

• good

Useful tangible item that lasts for three years or longer

• scarcity

• durable good

• good

• need

Useful tangible item that lasts for less than three years or longer when used on a regular basis

• nondurable good

• services

• durable good

• paradox of value

A good intended for final use by individuals, such as shoes, a shirt, or an automobile

• utility

• consumer good

• need

• durable good

A work performed for someone, such as a haircut, home repairs, and forms of entertainment

• wants

• economics

• services

• paradox of value

A tool or good, such as machinery or equipment that is used by businesses to produce other products

• services

• wealth

• consumer good

• capital good