business Flashcards
(27 cards)
Manufactured or constructed (items) that are used in the production of (goods) and services
Capital goods
Products produced for personal consumption
Consumer goods and services
The process or activity of using goods and services; The economic process or activity of using goods and services
Consumption
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Demand
The economic process or activity by which income is divided among resource owners and producers
Distribution
Physical objects that are useful, scarce, and transferable and which satisfy economic wants
Economic goods
The human and (natural resources) and capital goods used to produce goods and services
Economic resources:
(Productive acts) that are useful, scarce, and transferable and which satisfy (economic)wants
Economic services
A desire for something that can only be satisfied by spending money
Economic want
The study of how to meet unlimited, competing wants with limited resources
Economics
Productive resources; human and natural resources and capital goods
Factors of production
People who work to produce goods and services
human resources
Items found in nature that are used to produce goods and services
Natural resources
Something required or essential that is lacking
need
Desires for things that can be obtained without spending money
Noneconomic want
The economic process or activity of producing goods and services
Production
A condition resulting from the gap between limited resources and unlimited wants for goods and services
Scarcity
A desire for something that is not required
want
the process of deciding which goods and services to purchase or provide so that the most satisfaction can be obtained.
economizing
businesses and goverment that must be willing to give up all or part of one thing to get something else
trade-off
what are the 3 most ask questions
what will be produced?
how will the products be produced?
how will the products be allocted?
what are the 4 economic activities
consumption
production
exchange
distribution
the process or activity of using goods and services.
consumption
individuals who make or provide goods and services
production
