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Stack #4627600

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 or activity of using goods ad services; the economic process or activity of using goods and services.
Convenience products Consumer goods and services purchased quickly and without much thought or effect.
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 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 change 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 supply
Created by: user-2014711
 

 



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