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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 marking Choosing among alternatives
Distribution The process or activity by which income is divided among resources owners and producers
Economic activity Consumption production exchange and distribution
Economic wants Desire for items that can only be obtained by spending money
Economics The study of hoe 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 cam be
Exchange The process of trading one good services for others
Free goods Items that can be obtained without money
Goods Tangible objects that can be manufactured or produce for resale
Human resource People who work to produce goods and services
Income The money received by resources owners and by producers for supplying goods and services customers
Natural resources Item that found in the nature and used to produce good and services
Noneconomic want A desire for something that 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 services or resources
Producers The people who make or provide goods and services
Production The economic process or activity of producing goods and services
Resources Any item that is used to accomplish another activity such as producing providing goods and services
Resources owners Those who provide human resources natural resources and capital goods and 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 economy wants
Trade off Given up all or part of one thing to get something else
Want A desire for something that may or may not be required
Created by: jose.b629
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