Economics Vocabulary

Front

The study of Economics examines:

Back

the production, distribution, and consumption of goods and services

Front

What is Scarcity?

Back

A situation where resources are limited and cannot meet all human wants and needs.

Front

What are Needs?

Back

Basic requirements for survival

Front

Wants are:

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Desires that are not essential for survival

Front

Who is a Consumer?

Back

A person who buys goods and services for personal use

Front

A Producer is:

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A person who creates and oversees the production of goods or services

Front

Goods are:

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tangible items that satisfy human wants

Front

Services are:

Back

intangible activities or benefits

Front

The Paradox of Value refers to the apparent contradiction between the high market value of non-essential items and the low market value of essential items. Which of the following best describes this concept?

Back

The high value of non-essential items compared to essential items

Front

What is Utility?

Back

A measure of satisfaction or benefit derived from consuming goods and services.