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C202 Key Terms

Economics and Economic Activities

TermDefinition
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 want Desires for items than can only be obtained by spending money
Economics The study of how to meet unlimited, competing wants with limited resources
Economizing
Created by: spirit.w195
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