ch 1-1 vocab quiz

3. covering many or all areas
5. usefulness as an item
8. tools or goods that can be used in or by businesses to produce more products
11. an item that does not last for 3 or more years
13. something that we would like to have but is not necessary for survival
14. basic survival requirement
16. gradual collection of goods
17. the condition that results from society not having enough resources to produce all the things people would like to have
18. apparent contradiction between value of expensive non essential items and low value necessities

1. work for someone by someone else
2. items made for the individual person
4. an item that lasts for 3 or more years
6. not physical/ cannot be touched
7. measured worth of an item
9. able to be passed from one person to another
10. any useful item
12. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period
13. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
15. the study of how people try to satisfy seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources.