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Econ Key Terms

Use a pencil to complete
Utiliza un lápiz para completar
Horizontales
An item which lasts three years or more
Capable of being useful and providing satisfaction
Good example of this is how water has a low monetary value while diamonds (which are nonessential) have a high value
A physical, tangible item
Efforts, abilities, and skills of the people
Monetary value of all goods, services, and structures produced by a country in a year
An item which lasts for fewer than three years
Tools, machinery, and factories used in the production of goods and services
Examples include food, clothing, and shelter
To dramatically change something
Verticales
Resources required to produce things
When you must chose between two choices
The name of this class
Risk-takers who are profit driven
The sum of all products that are tangible, scarce, and transferable
The option you give up when a choice is made
In America, this is worth measured in dollars and cents
Something we'd like, but not necessary for survival
Example is an Uber ride or a haircut
Natural resources