Chapter 1-1 Vocab

2. being passed from one person to another
3. something that cannot be touched
5. covering many or all areas
7. something you will like to have but is not necessary for survival
13. equipment used to make other goods
15. a basic requirement for survival
17. good intended for final use by consumers
19. society not having enough resources to produce all the things people would like to have

1. good that last 3 years used regularly
4. social science dealing with how people satisfy apparently unlimited and competing needs and wants with the careful use of limited resources
6. items that lasts fewer than 3 years when used regularly
8. gradual collection of goods
9. collection of products that are tangible
10. contradiction between the high value of a nonessential item and the low value of an essential item
11. worth that can be expressed in dollars
12. product that is useful and satisfies wants and needs
14. the capacity to be useful for provide satisfaction
16. work performed by someone
18. he monetary value of all final goods, services, and structures produced within a country’s borders in a 12-month period