B.E. 2.02 Vocab

Which word best describes: Manufactured or constructed items that are used in the productions of goods and services.

• Capital goods

• Consumer products

• Consumption

• Demand

What word best describes: Products produced for personal consumption

• Consumer Products

• Consumption

• Demand

• Distribution

What word best describes: The process or activity of using goods and services; the economic process or activity of using goods and services.

• Consumption

• Demand

• Distribution

• Economic goods

What word best describes: The quantity of a good or service that buyers are ready to buy at a given price at a particular time

• Demand

• Distribution

• Economic goods

• Economic resources

What word best describes: The economic process or activity by which income is divided among resource owners and producers.

• Distribution

• Economic goods

• Economic resources

• Economic services

What word best describes: Physical objects that are useful, scarce, and transferable and which satisfy economic wants

• Economic goods

• Economic resources

• Economic services

• Economic want

What word best describes: The human and natural resources and capital goods used to produce goods and services

• Economic resources

• Economic services

• Economic want

• Economics

What word best describes: Productive acts that are useful, scarce, and transferable and which satisfy economic wants.

• Economic services

• Economic want

• Economics

• Elastic demand

What word best describes: A desire for something that can only be satisfied by spending money.

• Economic want

• Economics

• Elastic demand

• Elasticity

What word best describes: The study of how to meet unlimited, competing wants with limited resources.

• Economics

• Elastic demand

• Elasticity

• Equilibrium