Economics Vocabulary Ch 1

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Scarcity

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The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

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Economics

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The social science that studies the production, distribution, and consumption of goods and services.

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Want

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A desire for a particular good or service that is not essential for survival but enhances quality of life.

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Need

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A basic requirement for survival, such as food, water, shelter, and clothing.

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Durable good

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A type of consumer good that does not wear out quickly and provides utility over time, such as appliances and vehicles.

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Non-durable good

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Consumer goods that are consumed or only last for a short period of time, such as food and toiletries.

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Consumer good

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Products purchased for personal use, which can be either durable or non-durable.

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Capital good

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Goods used in the production of other goods or services, such as machinery, tools, and buildings.

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Gross Domestic Product (GDP)

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The total value of all goods and services produced within a country’s borders in a specific time period, used to gauge economic health.

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Entrepreneur

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An individual who creates, organizes, and manages a business or enterprise, taking on financial risks in the hopes of profit.