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Wants and Needs

obj C 2.02

TermDefinition
Capital goods manufactured items that are used to produce goods
Consumer anyone who uses goods and services
Consumption the process of using goods and services
Decision-making choosing alternatives
Distribution the process in which income is divided among resource owners and producers
Economic activities consumption, exchange, production and distribution
Economic wants items that can be obtained by spending money
Economics the study of how to meet unlimited wants with limited resources
Economizing deciding how scarce items will be used
Exchange the process of trading goods for another
Free goods items that are obtained without money
Goods tangible items that are manufactured for resale
Human resources people who work to produce goods and services
Income the money recived by resource owners from consumers buying their inventory
Natural resources items that are found in nature
Noneconomic want a want that can be satisfied without spending money
Oppourtunity cost the benefit that is lost when you use one scarce resource for one thing rather than another
Price the amount of money paid for goods or services
Producers makes goods and services
Production the economic process of producing goods and services
Resource any item that is used to accomplish another activity
Resource owners people that provide human, and natural resources, as well as capital goods, in order for production to take place
Scarcity condition resulting in a gap of limited resources and unlimited wants for goods and services
Services producive acts that satisfy economic wants
Trade-off giving up all or one thing fo something else
Want a desire for something unessesary
Created by: GabrielRO
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