Econ - Chpt 1.1 Vocab

A good that last more than three years when used on a regular basis is

• Capital good

• Consumer Good

• Durable Good

• Nondurable Good

A term that expresses an item's worth in dollars and cents.

• Utility

• Value

• Wealth

• Non of the above

A useful, tangible item such as a car, book or MP3 player.

• Service

• Value

• Good

• Need

The capacity to be useful and provide satisfaction is called

• Wealth

• Value

• Need

• Utility

The condition that results from society not having enough resources to produce all the things people would like to have is called

• Frustration

• Tough luck

• Scarcity

• Non of the above

Food, clothing, and shelter are known as

• Wants

• Needs

• Goods

• All of the above

The monetary value of all final goods produced within a coubtry's border in a 12 month period is called

• Imports

• Gross Domestic Product

• Value

• Non of the above

The accumulation of products that are tangible, are scarce, have utility and are transferable from one person to another is known

• Gross Domestic Product

• Capital

• Wealth

• None of the above

The concept that some necessities have low value, such as water, while other nonnecessities, such as diamonds, have high value is called

• Voice of Reason

• Learned Behavior

• Paradox of Value

• Ship of Fools

Work that s performed for someone such as oil change or hair cut

• Wants

• Needs

• Durable goods

• Services