| A | B |
|---|
| need | something necessary for survival |
| want | something desired but not a necessity: a way of expressing a need |
| consumer good | a product designed for consumption by the public |
| captial good | a product used to make other goods |
| durable good | a product that will last for more than three years |
| nondurable good | a product that will not last more than three years |
| value | a measure of usefulness |
| paradox of value | those things most necessary for survival are often the least expensive |
| dividend | a portion of a corporations profits paid to stockholders |
| principle | the amount of money borrowed or invested |
| interest | a fee paid for borrowing or money paid on an investment |
| multinational | a business operating in more than one country |
| non-profit organization | an economic entity that provides a service without seeking to make money |
| opportunity cost | the cost of giving up one thing to get another |
| economic system | the way in which a nation answers the basic economic questions |
