Econ1.2

A useful tangible item, such as a book, car, ipad, that satisfies a want.

• Service

• Good

• Durable Good

• Value

Goods intended for final use by the consumer/individual.

• Service

• Value

• Consumer Good

• Service

Any good that lasts 3 years or more when used on a regular basis.

• Service

• Utility

• Wealth

• Durable good

Lasts fewer than 3 years when used on a regular basis.

• Nondurable Good

• Good

• Durable Goodd

• Utility

Work that is performed for someone.

• Service

• Wealth

• Value

• Market

Worth of good or service as determined by the market.

• Good

• Wealth

• Value

• Market

Apparent contradiction between the high value of a nonessential item and the low value of an essential item.

• Paradox of Value

• Utility

• Wealth

• Durable Good

Ability or capacity of a good or service to be useful and give satisfaction to someone.

• Market

• Good

• Service

• Utility

Sum of tangible economic goods that are scarce, useful and transferable from one person to another. Does not include services.

• Economic Growth

• Factor Market

• Wealth

• Utility

Meeting place or mechanism allowing buyers and sellers of an economic product to come together.

• Utility

• Factor Market

• Economic Growth

• Market