Economics: Test 1 Terms

The worth of a good or service based on the usefulness to the buyer...

Goods that are often purchased together...

The satisfaction a person receives from a choice...

Any tangible thing that has a measurable lifespan...

Goods that have a negative economic cost...

An excess of unsold products resulting from a price above the market equilibrium price...

Item for which a demand typically goes up as incomes increase...

The POINT at which the demand and supply curves meet on a graph is the...

The amount of goods & services businesses are willing & able to produce at certain prices is

The condition of never being satisfied or having unlimited wants...

Tendency for people to get less and less total satisfaction over time from a good or service...

A schedule that shows the relationship between pairs of variables...

Means "usefulness"

Any intangible function produced by labor...

Model depicting the flow of goods & services between households and businesses...

Factors such as land, labor, financial capital and entrepreneurship...

The level of economic study concerned with large-scale choices and issues is known as...

Item that typically experience a decrease in demand as incomes increase

A model where economists can see the maximum amount of commodities a producer could make...

The satisfaction you give up or the regret you experience from a choice...