pink
basic requirement for survival, including food, clothing and shelter.
need
capable of being passed from one person to another.
transferable
something we would like to have but not necessary for survival.
want
good that lasts for at least three years when used regularly.
durable good
item that wears out or lasts for fewer than three years when used regularly.
nondurable good
lack of movement.
stagnation
stressing.
emphasizing
gradual collection of goods.
accumulation
covering many or all areas.
comprehensive
not physical, something that cannot be touched.
intangible
good intended for final use by consumers other than business.
consumer good
organized way society provides for the wants and needs of its people.
economic systems
a public good that individuals can be excluded from consuming.
excludable public good
a beneficial side effect of an action that is felt by others.
positive externality
an agreement between two or more people to do something.
contract
the condition that results from society not having enough resources to produce all the things people would like to have.
scarcity
a person who receives the benefits of a good without paying for it.
free rider
the quality of bringing satisfaction or happiness.
utility
the physical and mental talents that people contribute to the production of goods and services.
labor
the most high valued opportunity or alternative forfeited when a choice is made.
opportunity cost
social science dealing with how people satisfy seemingly unlimited and competing needs and wants with careful use of scarce resources.
economics
economic system in which government owns some factors of production and has a role in determining what and how goods are produced.
socialism
meeting place or arrangement through which buyers and sellers interact to determine the price and quality of an economic product; may be local, regional, national, or global.
market
the branch of economics that deals with human behavior and choices as they relate to relatively small units- individuals, business firms, and single markets.
microeconomics
a law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of the good decreases the quantity of the good decreases.
law of supply