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What is "a meeting place or mechanism that allows buyers and sellers to come together?"
Market
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What is an "alternative that is available whenever a choice is to be made?"
Trade-off
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What is a "fundamental economic problem of meeting people's virtually unlimited wants with scarce resources?"
Scarcity
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What is the "quality of life beased on ownership of necessities and luxuries that make life easier?"
Standard of living
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What is the "ability or capasity of a good or service to be useful and give satisfaction to someone?"
Utility
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What is "work or labor performed for someone?"
Service
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-Basic requirement for survival, including food, clothing, and shelter.-
Need
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-Good intended for final use by consumers rather than businesses-
consumer good
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-Monetary worth of a good or service as determined by the market-
Value
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-tangible economic product that is useful, relatively scarce, and transferable by others-
good
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-Cost of the next best alternative use of money, time, or resources when making a choice-
oppurtunity cost
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-Something we would like to have but is not necessary for survival-
Want
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-Tools, equiptment, and factories used in the production of goods and services-
Capital goods/Capital
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-division of work into a number of seperate tasks to be performed by different workers-
division of labor
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-People with all their efforts, abilities, and skills-
Labor
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