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c202 key terms
economics and economic activity
| Question | Answer |
|---|---|
| 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 | they 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 |
| 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 |
| natural resources | items that are found 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 tp 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 |
| recourse owners | those who provide human recourses, natural recourses, 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 one thing to get something else |
| want | a desire for something that may or may not be required |
Created by:
cassie.d138
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