ECONOMICS UNIT 1 VOCAB FLASHCARD

Front

Condition from insufficient resources to meet needs and wants.

Back

SCARCITY

Front

Study of how people meet needs with limited resources.

Back

ECONOMICS

Front

Basic requirement for survival

Back

NEED

Front

A way to express a need.

Back

WANT

Front

Tangible economic product that is useful.

Back

GOOD

Front

Good that lasts for a while.

Back

Durable good.

Front

Item that wears out.

Back

Nondurable good.

Front

Good intended for final consumer use

Back

Consumer good

Front

TOOLS, EQUIPMENTS, AND OTHER MANUFACTURED GOODS

Back

CAPITOL GOOD

Front

Work or labor performed for someone, intangible good.

Back

SERVICE