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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 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 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 | 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 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:
kimberly.a340
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