Goods - _____ are tangible things people make., Services - _____ are works or actions people do., production - The act of combining resources to make goods and services is called _____., Consumers - are the people who uses the goods and services to satisfy their wants and needs, Value - the worth of something expressed in dollars and cents., Paradox of Value - Means that an important thing has a low monetary value while a not so important thing has a very high value, Utility - it is the capacity of a good or service to be useful, Wealth - is the amount of accumulated products that are tangible, scarce and useful, and is transferable from one person to another, Market - the place where buyers and sellers exchange a specific product, Consumer good - goods intended for final use or consumption, Capital Good - goods that are used to produce or manufacture other goods , Durable Good - goods that can lasts 3 years or more, Non Durable Good - goods that doesn't last for long,

Basic Economic Concepts

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