Business Essentials Vocab Practice (2.02)

Reorder the following by defining consumer.

• uses

• and

• anyone who

• goods

• services

Reorder the following by defining economic activities.

• production,

• consumption,

• and distribution

• exchange,

Capital Goods are _____________ or constructed items that are used to produce goods and services.

Match the following

• A desire for something that may or may not be required

• Economic Wants

• Manufactured or constructed items that are used to produce goods and services

• Economics

• A desire for something that can be satisfied without spending money

• Capital Goods

• The study of how to meet unlimited, competing wants with limited resources

• Noneconomic Wants

• Desires for items that can only be obtained by spending money

• Want

Reorder the following by defining decision-making.

• choosing

• among

• alternatives

Consumption is the process or activity of using goods and ___________.

____________ the process or activity by which income is divided among resource owners and producers.

• Economizing

• Distribution

• Scarcity

• Services

_______________ 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.

• Economizing

• Distribution

• Scarcity

• Services

___________ are intangible activities that are performed by other people for money; productive acts that satisfy economic wants.

• Economizing

• Distribution

• Scarcity

• Services

________________ is a condition resulting from the gap between limited resources and unlimited wants for goods and services.

• Economizing

• Distribution

• Scarcity

• Services