Economics Vocbulary

1. monetary value of goods within a country's border
5. lasts three years or more when used frequently
9. covering many or all areas
11. gradual collection of goods
14. capable of being passed on to another
15. society not having enough resources to produce all the things people would like to have
16. non physical, can't be touched
17. something a person would like to have
18. intended for final use by individual
19. tangible useful product

2. contradiction of a high value nonessential item and a low value essential item
3. study of how people try to satisfy needs and wants using limited resources
4. basic requirement for survival
6. capacity to be useful and provide satisfaction
7. lasts fewer than three years when used on a regular basis
8. Work performed for someone
10. worth expressed in dollars and cents
12. tool(s) used to create products
13. sum of tangible economic goods