Economics Crossword Quiz

2. Item that wears out, is used up, or last fewer than three years when used regularly
4. a monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries.
8. an accumulation of valuable economic resources that can be measured in terms of either real goods or money value.
9. Tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
10. Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
13. tangible assets such as buildings, machinery, and equipment used to produce consumer goods or services
14. Fundamental economic problem facing all societies resulting from a combination of limited resources and people's virtually unlimited needs and wants
15. Basic requirement for survival

1. Good intended for final use by consumer businesses
3. Good that lasts for at least 3 years when used regularly
5. an act or use for which a consumer, firm, or government is willing to pay.
6. is the contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market
7. a term used to determine the worth or value of a good or service.
11. is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit
12. Something we would like to have but not necessary for survival