Chapter 1 lesson 1

3. something we want but don't need to survive
4. Domestic Product, value of all final goods, services, and structures within a country’s national borders during a one-year period
5. good, Product that wears out in less then 3 years when used regularly
6. good, manufactured good used to produce other goods and services
9. good, Product that last at least 3 years when used regularly
12. gradual collection of goods
17. covering many or all areas
18. study of satisfying unlimited and competing needs and wants through use of limited resources
19. basic requirement for survival

1. work or labor performed for someone
2. capable of being passed from one person to another
7. monetary worth of a good or service as determined by the market
8. Not having enough resources to make things
10. Transferable economic power that is useful
11. not physical; something that cannot be touched
13. ability or capacity of a good
14. of value, contradiction between the high value of a nonessential item and the low value of an essential item
15. sum of tangible economic goods that are scarce, useful, and transferable from one person to another
16. good, good intended for final use by consumers other than businesses