Introduction to Economics

7. A tangible item that can be used to satisfy a need or a want.
9. A basic requirement for survival, such as food, clothing, and shelter.
10. Not physical, something that can’t be touched.
12. Goods and services that are useful, relatively scarce, and transferable to others.
15. A kind of good that lasts three or more years when used on a regular basis.
16. The condition that results from society not having enough resources to produce all the things people would like to have.

1. The study of how people try to satisfy seemingly unlimited and competing needs and wants through careful use of relatively scarce resources.
2. Something we would like to have but is not necessary for survival.
3. A kind of good that is used by a business to produce other products.
4. A kind of good that lasts less than three years when used on a regular basis.
5. Worth that can be placed on an item that can be expressed in dollars and cents.
6. Work that is performed for someone.
8. The sum of all products that are tangible, scarce, have utility, and are transferable from one person to another
11. The idea that everything has a cost, even if it seems we are getting something free, like “Buy One, Get One Free” promotions.
13. A kind of good that is used by individual consumers.
14. Capacity to be useful and provide satisfaction.