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2.02 Economic Goods

Objective 2.02

TermDefinition
Capital goods Manufactured or constructed items that are used in the production of goods and services.
Consumer goods and services Products produces 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 quaility of a good or service that buyersare 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 resources The human and natural resources and capital goods used to produce gooods and servies.
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 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 amound demanded and supplied.
Equilibrium The point at whiuch the quaility suppiled 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 and service
Excess demand The situation
Excess supply
Exchange
Factors of production
Human resources
Impulse item
Industrial goods and services
Inelastic demand
Installation
Law of demand
Law of supply and demand
Law of supply
Market Research
Materials
Noneconomic want
parts
producers
product
Raw materials
Scarce
Services
Shopping products
Specialty products
staple item
supplies
tangible
ultimate consumer
unsought products
want
Created by: user-2014715
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