EC-901
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| Capital goods | Manufactured or consumed or constructed items that are used to produce goods and services
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| Consumer | Anyone who uses goods and services
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| Consumption | The process or activity of using goods and services
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| Decision-making | Choosing among alternatives
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| Distribution | The process or activity by which income is divided among resource owners and producers
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| Economic activities | Consumption, production, exchange and distribution
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| Economic wants | Desires for items that can only be obtained by spending money
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| Economics | The study of how to meet unlimited, competing wants with limited resources
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| 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
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| Exchange | The process of trading one goods/service for another
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| Free goods | Items that can be obtained without money
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| Goods | Tangible objects that can be manufactured or produced for resale
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| Human resources | People who work to produce goods and services
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| Income | The money received by resource owners and by producers for supplying goods and services to customers
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| Natural Resources | Items that are found in nature and used to produce goods and services
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| Noneconomic want | A desire for something that can be satisfied without spending money
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| Opportunity cost | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
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| Price | The amount of money paid for a good , service, or resource
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| Producers | The people who make or provide goods and services
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| Production | The economic process or activity of producing goods and services
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| Resource | Any item that is used to accomplish another activity, such as producing/providing goods and services
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| Resource owners | Those who provide human resources, natural resources, and capital goods in order for production to take place
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| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
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| Scarcity | A condition resulting from gap between limited resources and unlimited wants for goods and services
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| Trade-off | Giving up all or part of one thing to get something else
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| Want | A desire for something that may or may not be required
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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maren.r142
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