Chapter 1 : Lesson 1 Vocabulary Terms

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

• Non-Durable Good

• Capital Good

• Consumer Good

• Durable Good

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

• Service

• Paradox of Value

• Economics

• Gross Domestic Product (GDP)

Work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment.

• Wealth

• Utility

• Scarcity

• Service

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

• Want

• Need

• Durable Good

• Wealth

Sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services.

• Consumer Good

• Utility

• Wealth

• Service

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

• Gross Domestic Product (GDP)

• Durable Good

• Transferable

• Utility

Fundamental economic problem of meeting people's virtually unlimited needs and wants with scarce resources.

• Economics

• Scarcity

• Service

• Good

Capable of being passed from one person to another.

• Paradox of Value

• Need

• Transferable

• Good

Good intended for final use by consumers other than businesses.

• Capital Good

• Durable Good

• Non-Durable Good

• Consumer Good

Basic requirement for survival, including food, clothing, and shelter.

• Durable Good

• Good

• Need

• Utility