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Objective 2.02

business Essentials

TermDefinition
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 and services purchased quickly and without much thought or effort.
Demand: The quantity of a good or services that buyers are ready to buy 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 economic wants.
Economic goods: Physical objects that are useful, scarce, and 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 want: A desire for something that can only be satisfied by spending money.
Economic: The study of how to meet unlimited, competing wants with limited resources .
Elastic demand: A for of demand for products in which changes in price correspond to changes in demand.
Elasticity An indication of how changes in price will affect 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 or service.
Excess demand : The situation that exists when demand is greater than supply.
Excess supply: The situation that exists when supply is greater than demand.
Exchanges: The economic process of trading one good/service for another.
Factors of production:
Created by: user-1924204
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