Chapter 1 Vocab 1-18

Natural resources not created by human effort

Basic requirement for survival

Way of expressing a need

Risk taker in search of profit

Worth of a good or service as determined by the market

Dollar value of final goods, services and structures within a countries borders in a 1 yr perio

Good intended for final use

process of creating goods and services with combined use of factors of production

contradiction of high values for nonessentials and low value for essentials

Extravagant house, expensive food, expensive clothing

study of how people satisfy unlimited and competing wants by using scarce resources

People with all of their efforts, abilities and skills

Fundamental economic problem facing all societies

Productive resources that make up land, labor, capital, and entrepreneurship

Money used to buy tools and equipment used in production

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

barber, mechanic, AC repair person, teacher, performer

Tools and equipment used in the production of goods and services