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Rooney Economics 1
Start here - do this stack first
| Term | Definition |
|---|---|
| allocation | the act of dividing up something and passing pieces out |
| allocation of resources | The process of dividing up and distributing the available, limited resources to satisfy wants and needs |
| capital resources | goods used to make other goods |
| consumers | people who use/buy something |
| consumption | The using up of goods and services by consumer purchasing or in the production of other goods |
| distribution | the way goods/services are delivered to the customer |
| goods | physical items that can be seen and touched |
| human resources | the people who make up the workforce of a company |
| natural resources | materials that can be found naturally within an environment |
| private | belonging to one person/group |
| production | combining resources to make items to sell or services for customers |
| public | belonging to/being used by all the community |
| resource | valuable supply that can be used as needed in the production of goods and services |
| service | performing any duty or work for another |
Created by:
ldmsrooney
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