- Tangible Commodities
- Capital Good
- Items used in creation of other good
- Ex: Cotton, Wood, Metal
- Consumer Good
- Goods that are intended for final use by consumer
- Ex: Xbox, Computer, Television
Services
- Work perform for someone
- Ex: Retail, Construction Worker, Farmer
Scarcity
- Most fundamental economic problem society face
- How to satisfy a limited want with limited resources
Shortage
- Quantity demanded is greater than Quantity supply
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