Economics Ch. 1 Vocab Flashcard

Front

When society lacks resources to meet all wants.

Back

Scarcity

Front

Study of satisfying unlimited needs and wants.

Back

Economics

Front

Basic requirement for survival

Back

Need

Front

Something desirable but not essential for survival.

Back

Want

Front

Tangible economic product that satisfies wants and needs.

Back

Good

Front

Work or labor performed by someone.

Back

Service

Front

A good that lasts 3+ years with regular use (e.g., a car).

Back

Durable Good

Front

A good that lasts fewer than 3 years with regular use (e.g., food, clothes).

Back

Nondurable Good

Front

Good for final use by individuals (e.g., clothes)

Back

Consumer Good

Front

A tool or equipment used by businesses to produce products.

Back

Capital Good