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C202 Key Terms

Economics and Economic Activities

QuestionAnswer
capital goods manufactured or constructed items that are used to produce goods and services
consumer anyone who uses goods services
consumption the process or activity of using goods and services
decision making choosing among alternatives
distribution the peocess or activity by which income is divided among resource owners and producers
econsumtion activites consumption production exchange exchange and distribution
economic wants desire for items that can only be obtained by spending miney
economizing the process of decidimg
exchange the process of trading
free good items that can be obtained without money
goods tangible obects that can be manufactured
human resources people who work to produce good and service
income the money received by serource owner
natural resoruce items that are found in nature and used to produce
noneconomic want a desire for something that can be satisfied without spending money
opportunity cost the benefitthat is lost when you decide to use scarce
price the amount of money paid for a good service
producers the people who make or provide good and services
resource owner those who provide human resources natural resources
scarcity a condition resulting the gap between limited resource
service intangible activities that are performed by other people
trade off giving up all or part of one thing to get something else
want a desire for giving that may or may not be required
Created by: nykeeia.j352
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