ECONOMICS UNIT 1 VOCAB QUIZ

The condition that results from society not having enough resources to produce all the things we need and want.

• UTILITY

• SERVICE

• SCARCITY

The Study of how people satisfy their needs and wants with limited resources.

• SCARCITY

• ECONOMICS

• VALUE

• GOOD

Basic requirement for survival

• WANTE

• SCARCITY

• NEED

• GOOD

A WAY TO EXPRESS A NEED.

• GOOD

• WANT

• NEED

• ECONOMICS

TANGIBLE ECONOMIC PRODUCT THAT IS USEFUL.

• GOOD

• SERVICE

• NEED

• WANT

GOOD THAT LASTS FOR A WHILE.

• NONDURABLE GOOD

• WANT

• NEED

• DURABLE GOOD

ITEM THAT WEARS OUT.

• DURABLE GOOD

• NONDURABLE GOOD

• NEED

• WANT

GOOD INTENDED TO FOR FINAL USE BY CONSUMERS

• CONSUMER GOOD

• NONDURABLE GOOD

• DURABLE GOOD

• GOOD

TOOLS, EQUIPMENTS, AND OTHER MANUFACTURED GOODS

• DURABLE GOOD

• NONDURABLE GOOD

• CAPITOL GOOD

• WANT

WORK OR LABOR PERFORMED FOR SOMEONE, INTANGIABLE GOOD

• NEED

• WANT

• SERVICE

• GOOD