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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 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 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 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 all or part of one thing get something else.
Want A desire for something that may or may not be required.
Created by: anye
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