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C 2.02
EC_901
| Term | Definition |
|---|---|
| Capital good | Manufactured or constructed items that ae used to produce goods and services |
| Consumer | Anyone who uses goods and services |
| Consumption | The process or activity of using goods and services |
| Decision-making | Choosing among alternatives |
| Distribution | The process or activity by which income is divided among resource owners and producers |
| Economic Activities | Consumption, production, exchange, and distribution |
| Economic Wants | Desire for items that can only be obtained by spending money |
| Economics | The study of how to meet unlimited, competing wants with limited resources |
| Economizing | The process or activity by which income is divided among resource owners and producers |
| Exchange | The process of trading one good/service for another |
| Free goods | Items that can be obtained without money |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Human resources | People who work to produce goods and services |
| Income | The money received by resources owners and by producers for supplying goods and services to consumers |
| Natural Resources | Items that are found in nature and used to produce goods and services |
| Noneconomic want | A desire for something that can be satisficed without spending money |
| Opportunity cost | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another |
| Price | The amount of money paid for a good, service, or resources |
| Producers | The people who make the goods and services |
| Production | The economic process or activity of producing goods and services |
| Resource | Any item that is used to accomplish another activity, such as producing/providing goods and services |
| Resource owners | Those who provides human resources, natural resources, and capital goods in order for production to take place |
| Scarcity | A condition resulting from the gap between limited resources and unlimited wants for goods and services |
| Services | Intangible activities that are preformed by other people for money, productive acts that satisfy economic wants |
| Trade-off | Giving up all or part of one thing to get something else |
| Want | A desire for something that may or may not be required |
Created by:
Josue.r991
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