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2.02 Economic Goods
Objective 2.02
| Question | Answer |
|---|---|
| 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 service that buyers are ready to buy at a given price at 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 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 |
| 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 business but not used in the actual production of a good or service |
| Excess demand | The situation the exists when demand is greater then supply |
| Excess supply | The situation that exists when supply is greater them demand |
| Exchange | The economic process of treading one good service for another |
| Factors of production | Production 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 result of an on the 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 |
| Inelastic demand | A form of demand in which changes in price do not affect demand |
| Installations | High cost long lasting industrial goods that are used to produce other goods and services |
| law demand | Economic principle which states that the quantity of a good or service that people will buy varies inversely with price of the goods or service |
| Law of supply and demand | Economic principle which states that the supply of a good or service will increase which demand is great and decrease then 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 resarch | The systematic gathering recording and analyzing of data about a specific issue situation or concern that affects a market |
| Materials | Industrial goods that become part of a finished product after they have been processed |
| Noneconomic want | A desire for something that can be satisfied without spending money |
| Parts | Industrial goods that become part of a finished product without any additional processing |
| Producers | The people who make or provide goods and services |
| Product | A good or services that company sells to customers |
| Raw materials | Items in their natural states or condition |
| Scarce | Limited |
| Services | intangible activities that are performed by others people for money production acts that satisfy economic wants |
| Shopping products | Consumer goods and services with special or uni |
| Specialty products | |
| Staple item | |
| Supplies | |
| Tangible | |
| Ultimate consumer | |
| Unsought producers |
Created by:
user-2014720