Economics Test Review Flashcards
Goods bought and used by consumers
Consumer goods
When we do not have enough resources to produce all of the things we would like to have
Scarcity
Those which do not require monetary payment
Non-economic want
Goods that are used in producing other goods
Capital Goods
Things that are inputs to production of goods and services
Economic Resources
A business responsible for all things worker related
Human Resources
A behaviour of individuals in society
Ethics
A process that, based on inputs, lead to the manufacture good
Economic Activity
Satisfaction levels consumers receive from buying and using the product
Economic Utility
The value given to a product by virtue
Form Utility
Making goods or services available in locations for early access products and services
Place Utility
Provides goods or services when they demand or need them
Time Utility
The value given to a product by virtue of the fact that the buyer has the legal right to own and use it freely
Possession Utility
A demand in which changes in price have large effects on the amount demanded
Elastic Demand
A demand in which changes in price have no effects on the amount demanded
Inelastic Demand