| A | B |
|---|
| Economic Products | goods and services that are useful, scarce, and transferable |
| Good | an economically useful item that satisfies a want/need. |
| Consumer Good | intended for final use by an individual |
| Capital Good | designed to produce other goods and services |
| Service | work that is performed for someone |
| Value | the worth obtained by a good or service |
| Paradox of Value | why do needs have little value and wants have higher value? |
| Utility | the capacity to be useful and provide satisfaction |
| Wealth | accumulation of value |
| Market | location or mechanism that enables exchange |
| Product Markets | Where producers sell their goods directly to consumers |
| Factor Markets | Where resources designed to produce goods and services are bought and sold |
| Economic Growth | when production of goods and services increases over time |
| Productivity | amount of output produced by a given amount of inputs |
| Division of Labor | when individuals complete limited tasks in creating goods and services |
| Specialization | When factors of production are used in the most efficient way. |
| Human Capital | The work people do with value |
| Economic Interdependence | we all rely on each other to create and consume goods and services. |
