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Scarcity & the Science of
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Gross Domestic Product
monetary value of all final goods, services, and structures produced within a country's national boarders during a one-year period.
value: monetary worth of a good or service as determined by the market.
paradox of value: apparent contradiction between the high value of a nonessential item and the low value of an essential item.
utility: ability or capacity of a good or service to be usefuland give satisfaction to someone.
wealth: sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services.
accumulation: gradual collection of goods
intangible: not physical; something that cannot be touched.
comprehensive: covering many or all areas.
transferable: capable of being passes from person to another
good: tangible economic product that is useful, transferable to others, and used to satisfy wants and needs.
durable good: good that lasts for three years when used regularly.
non durable good: item that wears out, or lasts for fewer than three years when used regularly.
consumer good: good intended for final use by consumers other than busisnesses.
capitol good: tool, equipment, or other manufactured good used to produce other goods and services; a factor of production.
service: work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment.
Scarcity & the Science of
scarcity: fundamental economic problem facing all societies resulting from a combination of scarce resources and people's virtually unlimited needs and wants.
economics : social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources.
need: basic requirement for survival, including food, clothing and shelter.
want: something we would like to have but is not necessary for survival.
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Economics