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2.02 key terms

Business Essential

TermDefinition
Capital good Manufactured or constructed items that are used in production of good and services
Consumers good and services Products produces for persona consumptions
Consumers People who use good and services to satisfy their want's
Consumption The process or activity of using good and services; the economic process or activity of using goods and services
convenience products consumer good or services that buyers purchased quickly and without much thought or effort
Demand The quantity of a good or service that buyers are ready to by at a given price at a particular time
Distribution the economic process or activity by which income is divided among resource owners and producers
Economic goods Physical objects that are useful, scarce , and transferable and which satisfy economist wants
economic recourses The humans and natural recourses and capital good used to produce good and services
Economic services productive acts that are useful scarce and transferable and which satisfy economic wants
Economic want A desire for something that can only be satisfied by spending money
Economics The study of how to meet unlimited competing wants with limited
Elastic demand A form of demand for products in which changes in price correspond to changes in demand
Elasticity An indication oh how changes in price will affect changed in the amounts demanded and supplied
Created by: diana.d435
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