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ec-901

TermDefinition
Capital goods Manufactured or constructed items that are used ti produce and services
Consumer Anyone who uses goods and services
Consumption The process or activity of using goods and services
Decision- making Choosing among alterenatives
Distrubution The procces or activity by which income is divided among resource owners and producers
Economic activites Consumptions, production, exchange, and distribution
Economic wants Desires for iteems that can only be obtained by spending money
Economics The study of how to meeet unlimited, competing wants with limited resources
Economizing The process of deciding which goods and services will be purchased or provided so that the most satifacation can be obtained; deciding how scarce resources will be used
Exchange The process of trading one good/ service for another
Free goods Items that can be obtained without money
Goods Tangible objects that can bee manufactured or produced for resale
Human resources People who work to produce goods and services
Income The money recieved by resource owners and by produces for supplying goods and services to customers
Natural resources Items that are found in nature and used to produce goods and services s
Non economic wants A desire forsomething that can be satisfied without spending money
Opportunity cost The benifit that is lost when you decide to use scarce resource for one purpose rather than for another
Price The amount of money paidfor a good, service or red=sources
Produceres The people who make or provide goods and services
Production The economic process or activity of of producing goods and services
Resource Any item that is used to accompish another activity, such as producing/ providding goods and services
Resource owner Those who provide human resources, natural resources, and capitol goods in order of production to take place
Scarcity Intangible activites that are preformed by othe people for money; productive acts that sattisfy economic wants
Trade iff Giving up all or part of one thing to get something else
Want A desire for something that may be required
Created by: trinity.l382
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