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C 2.02

EC-901

TermDefinition
Capital goods Manufactured or constructed itemed that are used to produce good and services
Consumer anyone who use good and services
Consumptions the processes or activity of using goods and service
Desiction-making Choosing among alternative
Distribution The process or activity by which incomes is divided among resource owners and process
Economics activities Consumptions, productions, exchange, and distribution
Economic wants Desire for the item that can only be obtain by spending money
Economics The study of how to meet unlimited., competing wants with limited resources
Economizing The process in deciding which good and service will be purchase or provided so that the most satisfaction can be obtain; deciding how scares resources will be used
Exchange The processes or trading one good/service for another
Free goods Items that can be obtain without money
Goods Tangible objects that can be manufactured or produce for release
Human resource People who work to produce good and services
Income The money receive by resource owner and by producer for suppling goods and services to customers
Natural resource Items that are found in nature and use to produce good and services
Noneconomic wants a desire for something that can be satisfied without money
Opportunity cost The benefit that is lost when you decide to use scares resources for one purpose rather than for another
Price The amount of money paid for a a good, service, or resource
Producer The people who make or provide goods and services
Production The economic process or activity or producing goods and services
Resouce Any item that is used to accomplish another activity, such as producing/providing good and service
Resource owner Those who provide human resources, natural resources, and capital goods in order for production to tale place
scarcity A condition resulting from the gap between limited resources and unlimited wants for goods and services
Service Intangible activities that are performed by other people for money
Trade-off Giving up all or parts of one thing to get something ese
Want A desire for something that may or may not be required
Created by: cristal.s988
 

 



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