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C202 Key Terms
Economics and Economic Activities
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are 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 | 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 ;deciding how scarce resources will be used |
| exchange | the process of trading one good/ service for another |
| free goods | items that can be obtained with 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 resource owners and by producers for supplying goods and services to customers |
| 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 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 |
| producers | the people who make or provide goods and services |
| production | The economic process or activity of producing goods and services |
| resource | Ant item that is used to accomplish another activity, such as producing/ providing good and services |
| resource owners | those who provide human resources, natural resources, and capital good 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 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 |
Created by:
tanaja.l542
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