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Capital Goods any manufactured or constructed item that is used to produce goods and services
Consumer Goods and Services items that are produced are typically for personal use rather then for use as capital goods
Consumption the process or activity of using goods and services
Demand as peoples desires or demand for resources goods, and service increases, so does the amount of money they are willing to spend
Distribution the process or activity by which income is divided among resource owners and producers
Economic Goods must be physical (tangible) object, must be useful, must be scarce
Economic Resources items that are used to produce goods and services
Economic Services a government- provided services and resources meant to help struggling individuals connect with support that can help them meet their needs
Economic Want are desires for items that can only be obtained by spending money
Economics is the study of how to meet unlimited, competing wants with limited resources
Elasticity an indication of how changes in price will affect changes in the amounts demanded and supplied
Equilibrium the point of which the quantity supplied is equal to the quantity demanded
Excess Supply the price is set higher than the equilibrium price for the product
Exchange a market place where the trade of financial instruments such as commodities and securities occur
Factors of Production they enable business to produce the goods and services that consumers wants
Human Resources are valued for the work they do to produce goods and services
Industrial goods and services all material products and intangible services produced by companies
Inelastic demand exists if the demand for a good or service is constant, even is the products price changes
Law of Demand states that the quantity of a good or service that consumers will buy varies inversely with the price of the good and service
Law of Supply the quantity of a good or service that will be offered for sale varies in direct relation to its selling price
Natural Resources items found in the environment that are used to produce goods and services
Need something essential to survive
Noneconomic Wants wants that can be satisfied without spending money
Opportunity Costs the benefit that is lost when u decide to use scarce resources for one purpose rather that the other
Price is the amount of mo0ney that is p[aid for a good, service, or resource
Production fewer products if workers produce higher quality products
Scarcity gap between limited resources and unlimited wants for goods and services
Supply the total amount of a specific good or service that is available to consumers
Trade Off any activity carried on for the production of income for selling goods and preforming services
Wants are desires for things that may or may not be necessities
Law of Supply and Demand the supply of a good or service will increase when the demand is great and decreases when demand is low
Created by: brenda.p538
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