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Related Flashcards
Related Topics
Cards In This Set
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Economic products
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Goods and services that are useful, scarce and transferable
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Goods
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Items that satisfies an economic want and are useful
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Consumer good
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Item that is useful, satisfies an economic want, and is intended for use by individuals
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Capital good
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Item intended to produce other goods and services
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Durable good
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Any good that lasts three years or more; may be a consumer good or a capital good
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Nondurable good
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Any good that lasts for less than three years
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Service
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A type of economic product that is work performed for somebody else; intangible
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Consumer
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Person who uses goods and services to satisfy wants and needs
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Value
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Worth that can be expressed in dollars and cents
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Paradox of value
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Necessities essential to life (e.g. water) have little to no "value" while non-necessities (e.g. diamonds) command high value
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Utility
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The ability to be useful and provide satisfaction
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Wealth
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Accumulation of all products that are tangible, scarce, useful and transferable
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Markets
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A physical location or other mechanism that allows buyers and sellers to exchange economic products
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Factor markets
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Markets where factors of production--land, labor, capital--are bought and sold
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Product markets
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Markets where producers sell goods and services to consumers
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