Economics Ch. 1 Vocab Quiz

When society does not have enough resources to produce all the things people would like to have.

• Scarcity 
• Economic Growth
• Paradox of Value
• Want

The study of how people try to satisfy seemingly unlimited and competing needs and wants. 

• Economics 
• Scarcity 
• Paradox of Value 
• Utility 

Basic requirement for survival 

• Need
• Want 
• Good 
• Service 

Something we would like to have but is not necessary for survival. 

• Need
• Want 
• Good 
• Service 

Tangible (can touch it) economic product that is useful.  Used to satisfy wants and needs.

• Need
• Want 
• Good 
• Service 

Work or labor performed by someone. 

• Need
• Want 
• Good 
• Service 

A good that lasts 3 years or more when used on a regular basis.  (example: a car)

• Durable Good
• Nondurable Good
• Consumer Good
• Capital Good

A good that lasts fewer than 3 years when used on a regular basis.  (example: food, clothes)

• Durable Good
• Nondurable Good
• Consumer Good
• Capital Good

A good intended for final use by individuals.  (example: clothes)

• Durable Good
• Nondurable Good
• Consumer Good
• Capital Good

A tool or good such as machinery or equipment that is used by businesses to produce other products. 

• Durable Good
• Nondurable Good
• Consumer Good
• Capital Good