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C 2.02 EC-901

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 alternative
Distribution The process or activity by which income is divided among resource owners and producers
Economic activities 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 provide so that the most satisfaction can be obtained; deciding how scare resources will be used
Exchange
Created by: omart7
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