ECONOMICS FINAL EXAM REVIEW

Condition that results from society not having enough resources to produce all the things people would like to have.

• want

• good

• need

• scarcity

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

• scarcity

• need

• good

• want

A useful, tangible item, such as a book, car or MP3 player, that can be used to satisfy a need or want.

• want

• good

• need

• value

A term that refers to a worth that can be expressed in dollars and cents.

• good

• need

• value

• want

The monetary value of all final goods, services and structures produced within a country’s total output and a key measure of a nation’s economic health.

• GDP

• market

• capital

• labor

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

• need

• good

• value

• want

Good that lasts three years or more when used on a regular basis.

• factor of production

• durable good

• tangible good

• reusable good

Productive resources needed to produce goods; land, capital, labor and entrepreneurship.

• durable good

• factor of production

• captital

• labor

The tools, equipment, machinery, and factories used in the production of goods and services.

• capital

• factor of production

• labor

• market

People with all their efforts, abilities and skills.

• capital

• market

• entrepreneur

• labor