Ward's Economics

What is the meaning of wealth?

• having a lot of money

• accumulation of a variety of products

• accumulation of products

• accumulation of high end scarce products

What is a durable good?

• a good that cannot be broken

• a good that lasts 3 years of more

• a good that lasts forever

• a good that lasts less than 3 years

What does scarcity mean?

• When something runs out

• to not be seen

• Not having enough or limited resources

• when food expires

What is the definition of Economics

• How products are bought and sold

• How goods and services are bought and sold with money

• How the economy works

• How people and nations make choices about how to use scarce resources to satisfy their wants and needs

What is a non- durable good?

• something that lasts 3 years or more

• something that lasts forever

• something that lasts less than 3 years

• something that lasts one year

What is Value?

• Worth expressed in possessions

• Worth expressed in dollars and cents

• Worth expressed in house size

• What you own

What is a consumer good?

• Basic goods that are made for individual use

• Worth expressed in what someone can afford

• Basic goods that people own

• Worth that is based on the consumer

What is a need?

• what we would like to own

• a requirement for satisfacton

• a requirement for our family

• a requirement for survival

What does utility mean for a product someone purchases?

• It explains the usefulness and satisfaction of a product

• It helps describe the durability of the product

• It explains how the product can be used with other products

• It explains how the product can be used in more than one way

The sum of people's skill, abilities, health, knowledge, and motivation?

• Money

• Human Capital

• Wealth

• Productivity