2.02 Pt 3 Vocab

Front

Consumption

Back

The process or activity of using goods and services

Front

Distribution

Back

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

Front

Economic activities

Back

Consumption, production, exchange, and distribution

Front

Economics

Back

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

Front

Economizing

Back

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

Front

Exchange

Back

The process of trading one good/service for another

Front

Free goods

Back

Items that can be obtained without money

Front

Income

Back

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

Front

Opportunity cost

Back

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

Front

Price

Back

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