| A | B |
|---|
| good | a useful tangible item that satisfies a want |
| consumer good | goods intended for final use by individuals |
| durable good | a good that lasts 3 years or more when used regularly |
| nondurable good | item that lasts fewer than 3 years |
| service | work or labor performed for someone |
| value | monetary worth of good or service as determined by market |
| paradox of value | contradiction between the high monetary value of a non-essential item and the low value of an essential item |
| utility | ability or capacity of a good or service to be useful and give satisfaction to someone |
| wealth | sum of tangible economic goods that are scarce, useful, and transferable from one person to another |
| market | meeting place or mechanism tha allows buyers and sellers to come together |
| factor market | market where the factors of production are bought and sold |
| product market | market where goods and services are bought and sold |
| economic growth | increase in a nation's total output of goods and services over time |
| productivity | measure of the amount of output produced with a given amount of production factors |
| human capital | sum of people's skills, abilities, health, knowledge and motivation |
| division of labor | division of work into a number of separate tasks to be performed by different workers |
| specialization | assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently |
| economic interdependence | mutual dependency of one person's. firm's, or region's economic activities on another's |
