Economics: Needs and Goods

Vocabulary flashcards covering the introductory

Economics

A social science that studies how individuals and society use limited resources to satisfy their needs and desires (pleasures).

Need (Besoin)

A feeling of lack or deprivation that a human being seeks to satisfy through the consumption of a good or a service.

Good (Bien)

An object used to satisfy a need; anything that is visible and touchable.

Service

An intangible provision used to satisfy a need that is not visible and cannot be physically touched.

Primary Need

A physiological need that is strictly necessary for survival, such as nourishment and housing.

Secondary Need

A non-vital need that improves living conditions without being strictly indispensable, such as a smartphone or television.

Individual Need

A need that concerns a specific person and varies according to personal preferences and situations, such as medicine or sunglasses.

Collective Need

A need that concerns society as a whole or a specific group, such as security and justice.

Variability of Needs

The principle that needs differ among individuals; secondary needs in particular vary depending on an individual's activities, habits, profession, or lifestyle.

Evolution of Needs

The principle that human needs change over time and vary according to temporal factors, place, and environment.

Maslow's Pyramid

A hierarchical representation of human needs arranged from the most fundamental at the base to the highest level at the top.

Physiological Needs

The most fundamental survival necessities in Maslow's hierarchy, including drinking, eating, and sleeping.

Safety Needs (Security Needs)

The level in Maslow's hierarchy referring to protection, stability, and security.

Belonging Needs

The level in Maslow's hierarchy concerning social relationships, family, friendship, and the feeling of integration into a group.

Esteem Needs

The level in Maslow's hierarchy relating to recognition, confidence, and a sense of personal self-worth.

Self-Actualization Needs (Accomplishment Needs)

The highest level in Maslow's hierarchy, corresponding to the realization of personal potential, self-fulfillment, and flourishing.

Economic Good

A good that is produced, transformed, extracted, or made accessible through human activity.

Free Good

A resource available without any specific human activity that is gratuitous (free) and unlimited, such as air or sunlight.

Material Good

A concrete, tangible object that can be physically touched, such as a table, a chair, or a car.

Immaterial Good

A provision or service that lacks physical form and cannot be touched, such as an online course.

Durable Good

A good that can be used repeatedly over multiple occasions, such as a car.

Non-Durable Good

A good that is destroyed or entirely consumed upon its first use, such as bread.