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2.02 Economic Goods

Objective 2.02

TermDefinition
Capital goods Manufractured or onstructed 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 procees or activity of using goods and services.
Convenience products Consumer goods and services purchased quickly and without much through or effort.
Demand The quantity of a good or service that buyers are ready to buy at a given price at a paricular time.
Distribution The economic procees or activity by which icome is divided among resource owners and producers.
Economic goods Physical objects that are useful, scarce, and transferable and which satisfy economic wants.
Ecomomic goods Physical objects that are useful, scarce, and transferable and which satisfy economic wants.
Econonmic resource The human and natural rescourcesand 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 of something that can only be satisfied by spending money.
Economics The study of how to meet unlimited, competing wantswith 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
Created by: user-2021320
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