Ch 1-1 Vocab

2. a item that satisfy human wants and provide utility
3. the regard that something is held to deserve; the importance, worth, or usefulness of something
4. the action of helping or doing work for someone
6. goods that are assets used by businesses in producing final products
8. a good consumers purchase with the plan to use for a short period of time
10. an abundance of possessions
11. a good not for immediate consumption and able to be kept for a period of time
13. the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively
15. have a desire to possess or do something
16. unable to be touched or grabbed
18. the total value of goods produced and services provided
19. a contradiction that water is more useful, in terms of survival, than diamonds but, command a higher price in the market

1. a good bought and used by consumers, rather than by manufacturers for producing other goods
5. the state of being useful, profitable, or beneficial
7. including all or nearly all elements or aspects of something
9. demand for a good or service is greater than the availability of the good or service
12. the gradual gathering of something.
14. require something because it is essential or very important
17. capable of being moved or conveyed from one place to another