Economics Flashcards
Consumer
Anyone who uses a good or service
Capital goods
Manufactured or constructed items that are used in the production of goods and services
Consumption
The economic process or activity of using goods and services
Decision-making
Choosing among alternatives
Distribution
The economic 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 if 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
Exchange
The economic process of trading one good/service for another
Free goods
Items that can me obtained without money
Good
A tangible object 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 found in nature that are used to produce goods and services
Non economic wants
Desires for things that can be obtained without spending money
Opportunity cost
The benefit that is lost when you decide to use a scarce resource for one purpose rather than 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 produce goods and or 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 unlimited wants for goods and services and limited resources
Service
An intangible object that can be sold ( hair cuts, insurance )
