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Economics Ch. 1

Scarcity & Economic Choices

TermDefinition
scarcity the fundamental problem facing societies resulting from the friction of unlimited wants & needs vs finite resources
need basic requirements for survival, including food, clothing, shelter
want items desired, but not necessary for survival
good a tangible economic product that is useful, transferable to others, and satisfies a need or want
durable goood an item that lasts for at least 3 years when used regularly
non-durable good an item that wears out or is used up in fewer than 3 years when used regularly
capital good tool or equipment that is used to produce other goods and services
service work or labor one performs for another for pay
paradox of value the contradiction between the high value of non-essential items and low value of essential items
utility the capacity of a good or service to be useful and provide satisfaction to a person (varies from person to person)
Created by: wm0397
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