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C 2.02

EC-901

TermDefinition
Capital goods Manufactured or constructed items that are used to produce goods and services
Consumer Anyone who uses goods and services
Consumption The processes or activity of using goods and services
Decision - Making Choosing Among alternatives
Distribution The process or activity of using goods and services
Economic Activities Consumption, Production, Exchange, and distribution
Economic Wants Desires 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 of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained
Exchange The process of trading one good/service for another
Free goods Items that can be obtained without money
Income The money received by resource owners and producer
Natural resources Items that are found in nature and used to produce goods and services
Noneconomic want A desire For something that can be satisfied without spending money
Opportunity Cost The benefit that I lost when you decide to use goods or products
Price the amount of money paid for a good, service, or resource
Producers The people who make or provide goods or services.
Production the economics 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 provide human resources, natural resources, and unlimited wants for goods and services.
Scarcity A condition resulting from the gap between limited resources and unlimited wants for goods and services.
Services Intangible activities that are performed 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.
Free goods Items that can be obtained without money.
Goods Tangible objects that can be manufactured or produced for resale.
Created by: nadia.p419
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