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2.02 Key Terms

TermDefinition
Capital goods Manufactured or constructed items that are used in the production of goods and services
Consumer goods and services Products produced for personal consumption Consumption: The process or activity of using goods and services; The economic process or activity of using goods and services
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Distribution The economic process or activity by which income is divided among resource owners and producers
Economic goods Physical objects that are useful, scarce, and transferable and which satisfy economic wants
Economic resources The human and natural resources and capital goods used to produce goods and services
Economic services Productive acts that are useful, scarce, and transferable and which satisfy economic wants
Economic want A desire for something that can only be satisfied by spending money
Economics The study of how to meet unlimited, competing wants with limited resources
Elastic demand A form of demand for products in which changes in price correspond to changes in demand
Elasticity An indication of how changes in price will affect changes in the amounts demanded and supplied
Equilibrium The point at which the quantity supplied is equal to the quantity demanded
Excess demand The situation that exists when demand is greater than supply
Excess supply The situation that exists when supply is greater than demand
Exchange The economic process of trading one good/service for another
Factors of production Productive resources; human and natural resources and capital goods
Human resources People who work to produce goods and services
Industrial good and services Products purchased by producers for resale, to make other goods and services, and/or to use in business operations
Inelastic demand A form of demand in which changes in price do not affect demand
Law of demand Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
Law of supply Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
Law of supply and demand Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
Natural resources Items found in nature that are used to produce goods and services
Need Something required or essential that is lacking
Noneconomic want Desires for things that can be obtained 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 resource
Production The economic process or activity of producing goods and services
Scarcity A condition resulting from the gap between limited resources and unlimited wants for goods and services
Supply The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
Trade-off Giving up all or a part of one thing in order to get something else
Want A desire for something that is not required
Created by: jlewis31
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