econ 1-2

T OR F? economic choices to be made are the responsibility of all citizens in a free & democratic society

Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs

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

Sum of people's skills, abilities, health, and motivation

Division of work into a number of separate tasks to be performed by different workers

Good or service that is useful, relatively scarce, and transferable to others

Market where productive resources are bought and sold

Productive resources that make up the 4 categories of: land, capital, labor, and entrepreneurship

Meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, national, regional, or global

people with all their efforts and abilities

Degree to which resources are used efficiently; normally refers to labor, but can apply to all factors of production

Market where goods and services are offered for sale

good intended for final use by consumers rather than businesses

Economic activities in one part of the country or world affect what happens elsewhere

money used to buy the tools and equipment used in production

Tool, equipment, or other manufactured good used to produce other goods and services

fundamental economic problem facing all societies, that results from a combination of scarce resources and people's virtually unlimited wants

Sustained period which a nation's total output of goods and services increases

Apparent contradiction between the high value of nonessentials and low value of essentials

as a consumer, what role do you play in the circular flow of economic activity?

what are some examples of capital goods?

T OR F? any good that lasts 3 years or more on a regular basis is a durable good

a good that lasts for less than 3 years

list examples of nondurable goods

list examples of a service

T OR F? the difference between a good and a service is that a service is intangible (cant be touched)

T OR F? a good or service has to have utility for everyone

for something to have value, it must be ______________ and ______________

T OR F? services are not counted as wealth

Work that is performed for someone else