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Consumption

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The process or activity of using goods and services

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Distribution

Back

The process or activity by which income is divided among resource owners and producers

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Economic activities

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Consumption, production, exchange, and distribution

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Economics

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

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Economizing

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Deciding which goods and services will be purchased / provided for the most satisfaction; deciding how scarce resources will be used

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Exchange

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The process of trading one good/service for another

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Free goods

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Items that can be obtained without money

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Income

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The money received by resource owners and by producers for supplying goods and services to customers

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Opportunity cost

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The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

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Price

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The amount of money paid for a good, service, or resource