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key terms

TermDefinition
Capital Goods all of the manufactured or constructed items that are used to produce goods & services
Consumer goods & services all the goods & services that are purchased & actually used by the ultimate consumer
Consumption the process or activity of using goods & services
Demand reflects the quantities that consumers are willing & able to buy at various possible prices during the same period
Distribution the process or activity by which income is divided among resource owners & producers
Economic Goods physical objects that are useful, scarce, & transferable & which satisfy economic wants
Economic Resources the human & natural resources & capital goods used to produce goods & services
Economic Services productive acts that are useful, scarce, & transferable & which satisfy economic wants
Economic Want a desire for something that can only be satisfied by spending money
Economics the study of how to meet unlimited, competing wants with limited resources
Elastic Demand a form of demand fir products in which changes in price correspond to changes in demand
Elasticity an indication of how changes in price will affect changes in the amounts demanded & supplied
Equilibrium the pint at which the quantity demanded
Excess Demand the situation that exists when demand is greater than supply
Excess Supply the situation that exists when supply is greater than demand
Exchange the economic process of trading one good/ service for another
Factors of production productive resources; human & natural resources & capital goods
Human resources people who work to produce goods & services
Industrial goods & services products purchased by producers for resale, to make other goods & services, &/or in business operations
Inelastic demand a form of demand in which changes in price do not affect demand
Law of demand economic principle which states that the the quantity of a good or service that people will buy varies inversely with the price of the good or service.
Law of supply economic principle which states that the quantity of a good or service will be affected for sale varies in direct relation to its price
Law of supply & demand economic principle which states that the supply of a good or service will increase when demand is great & decrease when demand is low
Natural resources items found in nature that are used to produce goods & services
Need something required or essential that is lacking
Noneconomic want desire for things that can be obtained without spending money
Opportunity cost the benefit that is lost when you decide to use scarce resources for one purpose rather than another
Price the amount of money paid for a good, service, or resource
Production the economic process or activity of producing goods & services
Scarcity a condition resulting from the gap between limited & unlimited wants for goods & services
Supply the quantity of a good or service that sellers are able & willing to offer for sale at a specified price in a given time period
Trade off giving up all or a part of one thing in order to get something else
Want a desire for something that is not required
Created by: destiny.s904
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