Econ Final Review-Vocab

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

A _____________ is a person who starts a business.

• Teacher
• Entrepreneur
• Actor
• Student

What you give up by choosing one option over another.

• opportunity cost

• opportunity benefit

• marbury vs madison

• marginal cost

A good that lasts three years or more when used on a regular basis is called a

• Capital Good
• Consumable Good
• Nondurable Good
• Durable Good

The apparent contradiction between the high value of a nonessential item and the low value of an essential item was referred to in the book, Wealth of Nations by Adams Smith in 1776, as what?

• The Contradiction of Value
• The Invisible Hand of Markets
• Paradox of value
• Something of value

The capacity to be useful and provide satisfaction is called what?

• Usefulness
• Pleasure
• Utility
• Scarcity

A good intended for final use by individuals.  (example: clothes)

• Durable Good
• Nondurable Good
• Consumer Good
• Capital Good

The accumulation (gradual gathering) of products that are tangible, are scarce, have utility, and are transferable from one person to another.

• Value
• Wealth
• Utility 
• Capital Good

The amount of output in a specific amount of time with a given amount of resources is referred to as

• productivity

• human capital

• efficiency

• investment risk

Quality of life based on the ownership of necessities and luxuries that make life easier.

• Standard of Living
• Surplus
• Gross Domestic Product
• Consumption