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2.02 Key Terms
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are used in the production of goods and services |
| Consumer goods and services | Products produced for personal consumption |
| Consumers | People who use goods and services to satisfy their wants |
| Consumption | The process or activity of using goods and services; the economic process or activity of using goods and services |
| Convenience products | Consumer goods a services purchased quickly and without much thought or effort |
| Demand | The quantity of a good or service that buyers are ready to but 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, transferable and which satisfy economic wants |
| Economic resources | The human and natural resources and capital goods used to produce goods and services |
| Economic services | Productive acts that are useful, scarce and transferable and which satisfy economic wants |
| Economic wants | A desire for something that can only be satisfied depending on money |
| Economics | The study of how to meet unlimited, competing wants with limited resources |
| Elastic demand | A form of demand for products in which changes in price correspond to changes in demand |
| Elasticity | An indication of how changes in price will affect the changes in the amounts demanded and supplied |
| Equilibrium | The point at which the quantity supplied is equal to the quantity demanded |
| Equipment | Industrial goods used in the operation of a business but not used in the actual production of a good service |
| Excess demand | The situation that exists when demand is greater that supply |
| Excess supply | The situation that exist when supply is greater than demand |
| Exchange | The economic process of trading one good/service for another |
| Factors of production | Productive resources; human and natural resources and capital goods |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Human resources | People who work to produce goods and services |
| Impulse item | Any item purchased as a result of an on-thee-spot decision to buy |
| Industrial goods and services | products purchased by producers for resale, to make other goods and services, and/or to use in business operations |
| Industrial goods and services | Products purchased by producers for resale, to make other goods and services, and/or to use in business operations |
| Inelastic demand | A form of demand in which changes in price do not effect demand |
| Installations | High-cost, long lasting industrial goods that are used to produce other goods and services |
| Law of demand | Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service |
| Law of supply and demand | Economic principles which states that the supply of a good or service will increase when demand is great and decreases when demand is low |
| Law of supply | Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price |
| Market research |
Created by:
tareekalatrice
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