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C 2.02 EC-901

Glossary businesses

TermDefinition
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 divieded among resource owners and producers
Economic activities: Consumption, production, exchange, and distribution
Ecconomic 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 used so that the most satisfaction cab be obtained; deciding how scarce resources will be used
Exchange: The process of trading one good/service for another
Free goods: Items that can be obtained without money
Goods: Tangible objects that can be manufactured or produced for sale
Human resources: People who work to produce goods and services
Income: The money received by resource owners and by producers for supplying goods and services to customers
Natural resources: Items that are foun in nature and used to produce goods and services
Noneconomic want: 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
Resource: Any item
Resource owners:
Scarcity
Services:
Trade-of:
Want:
Created by: fernando.g754
Popular Business sets

 

 



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