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2.02 A key terms

TermDefinition
Capital Goods include all of the manufactured or constructed items that are used to produce goods and services.
Consumer Good and services A good is something is physical, you can feel it, smell, taste, see and hear. Services are useful, scarce and transferable.
Consumption Process or activity of using goods, and service increases, so does the amount of money they are willing to spend.
Demand people's desires or demand for resources, goods, and service increases, so does the amount of many they are willing to spend.
Distribution Process or activity by which income is divided among resource owners and producers.
Economic goods are desires for items that can only be obtained by spending money.
Economic resources items that are used to produce goods and services.
Economic services productive acts that satisfy economic wants.
Economic want spending money to satisfy a need.
Economics is the study of how to meet unlimited, competing wants with limited resources.
Elastic Demand when consumers adjust their demand for products based on price.
Elasticity an indication of how changes in price will affect changes in the amounts demanded and supplied.
equilibrium when the quantity of product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price.
Excess Demand known as a shortage, can result in a sellers market.
Excess Supply when a supply is greater than demand, the price is set higher than the equilibrium price for the product.
Exchange contributing a human resource( yourself) so that your employer( a producer) can produce a good or service for consumption.
Factors-of-production natural resources, human resources, and capital goods known as factors of production because they enable businesses to produce the goods and services that consumers want.
Human Resources People are our human resources. In economics they are valued for the physical and mental work that they do to produce goods and services.
Industrial goods and services all material products and intangible services produced by companies.
Inelastic Demand demand remains constant even with changes in economic factors.
Law-of-demand At a higher price, consumers will demand a lower quantity of good.
Law-of-supply The microeconomic law that states that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
Law- of-supply-and-demand the amount of commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Natural Resources items found in the enviroment that are used to produce goods and services.
Need require(something) because it is essential or very important.
Non-economic want wants that can be satisfied without spending money.
Opportunity Costs the loss of potential gain from other alternatives when one alternative is chosen.
Price The amount of money expected, required, or given in payment for something.
Production The action of making or manufacturing from components or raw materials, or the process of being so manufactured.
Scarcity The state of being scarce or in short of supply; shortage.
Supply make(something needed or waned) available to someone; provide.
Trade-off exchange something of value, especially as part of a compromise.
Want have a desire to posses or do (something); wish for.
Created by: gisela.f538
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