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Stack #4619055

QuestionAnswer
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 of 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 service 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 ad producers
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 Physical objects 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 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 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
Created by: user-2014711
 

 



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