ISS Final Exam

Define Scarcity.

• Fundamental economic problem of meeting people's virtually unlimited needs and wants with scarce resources.

• basic requirement for survival, including food, clothing, and shelter.

• tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.

• item that wears out, is used up, or lasts for fewer than three years when used regularly.

Define economics.

• Fundamental economic problem of meeting people's virtually unlimited needs and wants with scarce resources.

• Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources

• Basic requirements for survival, including food, clothing, and shelter.

• Something we would like to have but is not necessary for survival.

Define Need.

• fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.

• basic requirement for survival, including food, clothing, and shelter.

• tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.

• item that wears out, is used up, or lasts for fewer than three years when used regularly.

Define a Want.

• Fundamental economic problem of meeting people's virtually unlimited needs and wants with scarce resources

• Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources

• Basic requirement for survival, including food, clothing, and shelter

• Something we would like to have but is not necessary for survival

Explain a Good.

• fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.

• basic requirement for survival, including food, clothing, and shelter.

• tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.

• item that wears out, is used up, or lasts for fewer than three years when used regularly.

Define Durable Good.

• Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs

• Good that lasts for at least three years when used regularly

• Item that wears out, is used up, or lasts for fewer than three years when used regularly

• Good intended for final use by consumers other than business

What does nondurable mean?

• fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.

• basic requirement for survival, including food, clothing, and shelter.

• tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.

• item that wears out, is used up, or lasts for fewer than three years when used regularly.

Define Consumer Good.

• capable of being passed from one person to another.

• good that lasts for at least three years when used regularly.

• good intended for final use by consumers other than business.

• work or labor performed for someone; economic product that includeds haircuts, home repairs, and forms of entertainment.

Define Capital Good.

• tool, equipment, or other manufactured good used to produce other goods and services; a factor of production.

• monetary worth of a good or service as determined by the market.

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

• gradual collection of goods.

Define Service.

• capable of being passed from one person to another.

• good that lasts for at least three years when used regularly.

• good intended for final use by consumers other than business.

• work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment.