Econ: Chapter 1 Review

People have

• limited wants and needs

• unlimited wants and needs

Resources can include, but are not limited to

• money

• time

• labor

• water

Resources are

• limited

• unlimited

Because resources are limited, we have a condition called

• utility

• paradox of value

• scarcity

• wealth

Because of scarcity, we're forced to carefully make

• change

• options

• choices

• doughnuts

The difference between needs and wants can be summed up in one word:

• survival

• morals

Goods are products that are

• tangible

• durable

• intangible

• non-durable

Services are products that are

• tangible

• durable

• intangible

• non-durable

A durable product is one that is consumed

• over 3 years

• less than 3 years

A tangible product is one that you

• can touch

• can't touch