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BE C202 key terms

TermDefinition
capital goods manufactured or constructed items that are used to produce goods and services
consumer anyone who uses goods and services
consumption the processor 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 distrubution
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
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
Created by: haiden.b498
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