Economics Chapter 1 Vocab

Front

Define Scarcity.

Back

Fundamental economic problem due to limited resources and unlimited needs.

Front

Need: basic requirement for survival.

Back

Includes food, clothing, and shelter.

Front

Define a Good.

Back

Tangible economic product that is useful, transferable, and satisfies wants and needs.

Front

Nondurable:

Back

Item that wears out, is used up, or lasts under 3 years with regular use.

Front

Define Capital Good.

Back

Tool, equipment, or manufactured good used to produce other goods and services; a factor of production.

Front

Value:

Back

Monetary worth of a good or service as determined by the market.

Front

Utility: ability of a good/service to be useful and provide satisfaction.

Back

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

Front

Accumulation definition:

Back

Gradual collection of goods.

Front

Define intangible.

Back

Not physical: something that cannot be touched.

Front

Gross Domestic Product:

Back

Monetary value of all final goods, services, and structures produced within a country's borders in one year.