Econ Exam Review

Front

What is the fundamental economic problem that all societies face, resulting from a lack of enough resources to fulfill unlimited wants and needs?

Back

scarcity

Front

basic requirement for survival

Back

need

Front

tangible economic product that is useful and transferable

Back

good

Front

item that wears out, is used up, or lasts fewer than 3 years

Back

nondurable good

Front

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

Back

capital good

Front

monetary worth of a good or service

Back

value

Front

ability or capacity of a good or service to be useful

Back

utility

Front

monetary value of all final goods, services, and structures produced within a country's borders during a 1-year period

Back

gross domestic product

Front

social science dealing with how people satisfy seemingly unlimited needs and wants with the careful use of scarce resources

Back

economics

Front

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

Back

want