Econ Section 2 Vocab Review

A durable good lasts __ years or longer.

The difference between a good and service, is that a service is tangible, or something that can be touched.

The ____________ example is often used to explain the Paradox of Value.

Work is arranged so that individual workers do fewer tasks than before. (often increases productivity)

The capacity to be useful and provide satisfaction.

People with all their efforts, abilities, and skills. (excluding entrepreneurs)

The collection of products that are tangible, scarce, useful, and transferable from one person to another.

Work that is performed for someone is called a ____________.

Markets where productive resources are bought and sold.

What are goods and services that are useful, relatively scarce, and transferable to others?

Markets where goods and services are sold to consumers.

A nation’s total output of goods and services increases over time.

An item that is economically useful or satisfies an economic want. (books, cars, homes, cell phone)

The situation where some necessities have little monetary value, but some non-necessities have a much higher value.

Scarcity forces us to choose between _______________.

The loss of potential gain from other alternatives when one alternative is chosen.

Refers to a worth that can be expressed in dollars and cents.

The process of concentrating on and becoming an expert in a particular subject or skill.

Items intended for final use by and individual.

All economic products command a price.