Scarcity and the Science of Economics

Is the condition that results from society not having enough resources to produce all the thing s people would like to have:

• Economics

• Need

• Scarcity

• Paradox of Value

• Wealth

Something we would like to have but is nor really necessary for survival el called:

• Value

• Need

• Good

• Want

• Utility

A basic requirement for survival, such as food, clothing, and shelter, is calle:

• Wealth

• Service

• Want

• Need

• Value

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

• Wealth

• Good

• Want

• Value

• Need

A tangible economic product that is useful, transferable to others, and used to satisfy wants and needs is called:

• Need

• Good

• Service

• Want

• Value

A work of labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment is called:

• Service

• Good

• Need

• Money

• Want

Some necessities, such as water, have a very low monetary value and in the other hand some nonnecessities, such as diamonds, have a very high value. This contradiction is called:

• Capital Good

• Consumer Good

• Paradox of Value

• Nondurable Good

• Durable Good

The ability of capacity of a good or service to be useful and give satisfaction to someone is called:

• Service

• Good

• Value

• Wealth

• Utility

The monetary worth of a good of service as determined by the market is called:

• Value

• Utility

• Wealth

• Service

• Good

The social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use os scarce resources is called (a)