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C202 Key Terms
Economics and Economic Activities
Question | Answer |
---|---|
Capital Goods | Manufactured or constructed items that are used to produced 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, |
Economizing | The process of deciding which goods and services will be purchased or provided. |
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 |
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 the other. |
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 | 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 capital goods 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 preformed 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. |