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C 2.02
Economic and economics activities
| Term | Definition |
|---|---|
| Capital goods: | Manufactured or constructed items that are used to produce goods and services |
| Consumer: | Anyone who uses goods and services |
| Consumption: | The process or activity of using goods and services |
| Decision-making: | Choosing among alternatives |
| Distribution: | The process or activity by which income is divided among resources owners and producers |
| Economic actitives: | Consumption, production, exchange, and distribution |
| Economic wants: | Desires for items that can only be obtained by spending money |
| Economics: | The study of how to meet unlimited, competing wants with limited resources |
| Economizing: | The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used |
| Exchange: | The process of trading one goods/service for another |
| Free goods: | Items that can be obtained without money |
| Goods: | Tangible objects that can be manufactured or produced for resale |
| Human Resource: | People who work to produce goods and services |
| Income: | The money received by resources owners and by producers for suppling goods and service to consumers |
| Natural resources: | items that are found in nature and used to produce goods and service |
| Noneconomic wants: | A desire for something that can be satisfied without spending money |
| Opportunity cost: | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another |
| Price: | The amount of money paid for a good, service, or resource |
| Producers: | The people who make or provide goods and services |
| Production: | The economic process or activity of producing goods and services |
| Resources: | Any item that is used to accomplish another activity, such as producing/providing goods and service |
| Resource owners: | Those who provide human resource, natural resources, and capital goods in order for production to take place |
| Scarcity: | A condition resulting from the gap between limited resources and unlimited wants for goods and services |
| Services: | Intangible activities that are performed by other people for money, productive acts that satiny economic wants |
| Trade-off: | Giving up all or part of one thing to get something else |
| Want: | A desire for something that may or may not be required |
Created by:
jullie.h091
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