economics final

3. Sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
5. Apparent contradiction between the high value and the nonessential item and the low value of an essential item
9. Tools, equipment, or other manufactured goods used to produce other goods and services; a factor of production
10. Fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants
12. good intended for final use by consumers other than business
13. social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources
14. Work or labor performed for someone; economic production that includes haircuts, home repairs, and forms of entertainment
15. good that lasts for at least three years when used regularly

1. Monetary worth of a good or service as determined by the market
2. basic requirement for survival, including food, clothes, shelter
4. something we would like to have but is not necessary for survival
6. Ability or capacity of a good or service to be useful and give satisfaction to someone
7. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
8. Monetary value of all final goods, services, and structures produced within a country's national borders during a one-year period
11. item that wears out, is used up or lasts for fewer than three years when used regularly