Economics Ch. 1 Vocab

5. The state of some resource or other thing being in short supply in a society.
7. An item that lasts for fewer than 3 years when regularly used.
8. The capability of something to be useful.
10. A good or service that isn't physical but is still transferable.
12. Work provided as a good.
14. An item intended for final use by an individual.
15. A base requirement for one's survival.
16. The interesting phenomenon that necessary items like water and food were incredibly cheap, while unnecessary things like jewelry were very expensive.
18. The study of solving economic needs in a changing environment.

1. A dollar-and-cent worth for something.
2. An item used by businesses for manufacturing other goods.
3. The total monetary production of all businesses within a country in 12 months.
4. Complete, like total coverage on a subject.
6. The gradual obtainment of goods.
9. An item that lasts for over 3 years in service.
11. The accumulation of transferable and scarce products.
13. Something you can trade or give to others.
17. Something we'd like to have, but isn't required.