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C 202 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 without 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 |
| Noneconomic Want: | Items that are found in nature and used to produce goods and services |
| Opportunity Cost: | A desire for something that can be satisfied without spending money |
| Price: | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another |
| Producers: | The amount of money paid for a good, service, or resource |
| Production: | The people who make or provide goods and services |
| Resource: | The economic process or activity of producing goods and services |
| Resource Owners: | Any item that is used to accomplish another activity, such as producing/providing goods and services |
| Scarcity: | Those who provide human resources, natural resources, and capital goods in order for production to take place |
| Services: | A condition resulting from the gap between limited resources and unlimited wants for goods and services |
| Trade-off: | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Want: | Giving up all or part of one thing to get something else |
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KingZeke13
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