Economics Vocab

4. Required for survival.
6. Work or labor performed for someone by another person. Not tangible.
7. Sum of tangible goods that are scarce, useful, and transferable. Excludes services.
9. Good that doesn't last for at least 3 years of regular use.
12. The capacity of a good or service to be useful and be satisfactory
13. Not having enough resources to fulfill all wants and needs.

1. Tangible, useful, fulfills the consumers wants and needs.
2. Good intended for final use by consumers.
3. Manufactured goods used to produce goods.
5. A good made to last at least 3 years or more of regular use.
8. Monetary worth of a good or service
10. Social science that focuses on how people use the scarce resources they have to fulfill the populations wants and needs.
11. Something someone would like but isn't required to live.