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A202 Key Term

Economic Goods and Serivces

QuestionAnswer
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 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 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 found 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 that is used to accomplish another activity, such as producing/providing goods and services.
Resource owners Those who provide human resources, 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 satisfy economic wants
Trade-off Giving up on all or part of one thing to get something else
Want A desire for something that may or may not be required
Created by: MerryDuluc
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