Econ Terms Ch 1

What is "a meeting place or mechanism that allows buyers and sellers to come together?"

What is an "alternative that is available whenever a choice is to be made?"

What is a "fundamental economic problem of meeting people's virtually unlimited wants with scarce resources?"

What is the "quality of life beased on ownership of necessities and luxuries that make life easier?"

What is the "ability or capasity of a good or service to be useful and give satisfaction to someone?"

What is "work or labor performed for someone?"

-Basic requirement for survival, including food, clothing, and shelter.-

-Good intended for final use by consumers rather than businesses-

-Monetary worth of a good or service as determined by the market-

-tangible economic product that is useful, relatively scarce, and transferable by others-

-Cost of the next best alternative use of money, time, or resources when making a choice-

-Something we would like to have but is not necessary for survival-

-Tools, equiptment, and factories used in the production of goods and services-

-division of work into a number of seperate tasks to be performed by different workers-

-People with all their efforts, abilities, and skills-