- command: a want
- good: a product that is useful, kind of scarce, and transferable to others
- consumer goods: goods intended for final use by people
- consumers: people who use or consume goods to satisfy their wants and needs
- durable good: lasts for at least 3 years
- nondurable good: lasts fewer than 3 years
- service: work/labor performed by someone
- value: worth in terms of dollars
- market: place where buyers and sellers exchange
- monetary: having to do with money
- paradox of value: contradiction between essential items and nonessential items
- utility: useful and provide satisfaction
- exchange: a trade
- wealth: having a lot of money
- funds: money
- economic growth: increase in a nation’s total output of goods and services over time.
- productivity: how well something does or sells
- specialization: to focus and be good at one thing
- human capital: the sum of people’s skills, health, knowledge, and motivation
- economic interdependence: when 2 or more businesses or countries need each other to make money
Econ Chapter 1.2 Vocab Terms
