M2 Flashcards
1
Q
work performed by someone
A
Services
2
Q
final use by individuals
A
Consumer Goods
3
Q
used to produce other goods
A
Capital Goods
4
Q
worth in dollars and cents
A
Value
5
Q
unneeded items
A
Paradox of Value
6
Q
satisfaction
A
Utility
7
Q
accumulation of resources
A
Wealth
8
Q
nation’s total output
A
Economic Growth
9
Q
divide labor individual workers do fewer tasks
A
Division of Labor
10
Q
workers begin to do tasks they do more efficiently
A
Specialization
11
Q
unlimited wants and needs and limited resources
A
Scarcity
