a
The value that people hold for a good
Intrinsic value
The satisfaction that you receive from a choice
Opportunity benefit
The satisfaction you give up by making a choice
Opportunity cost
The riddle that Karl Menger solved involving intrinsic value of goods and services
The Diamond-Water Paradox
The amount of satisfaction the good or service provides to the buyer
utility
A tangible thing that has a measurable life span.
good
Goods and services with a positive economic cost
Economic goods/Economic services
Goods that consumers pay to have removed
nuisance goods
Turning nuisance goods into economic goods is
recycling
Goods and services with a price tag of -0- are
Free goods
an item that satisfies wants and needs through its direct use.
consumer good
What is the difference between microeconomics and macroeconomics?
Microeconomics deals with choices made by individual units and macroeconomics deals with large scale economic choices.
Unlimited wants is referred to as
insatiability
items with a finite supply represent
scarcity
The value people place on goods and services
Economic cost
An intangible item for which people will pay?
service
What is the difference between positive and normative economics?
Positive economics involves observing economic choices and predicting economic events, while normative economics entails making value judgments about existing economic policies.
an intangible item that has no value to consumers, we through it away
nuisance goods
something necessary for the support of
need
a tangible item for which people will pay
good
What word is defined as the study of the choices individuals and societies make in the production, distribution, and consumption of goods?
economics
What does the text say is the first thing to understand about economics?
All goods have to be worked for.
Are there any goods that are available in unlimited quantities?
no
Who was the founder of the Austrian School of economists?
Karl Menger
What riddle did Karl Menger solve?
Diamond-Water Paradox