2.02 Business Essentials Vocab

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Capital goods

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Manufactured or constructed items that are used in the production of goods and services.

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Consumer products

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Products produced for personal consumption.

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Consumption

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The process or activity of using goods and services; the economic process or activity of using goods and services.

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Demand

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The quantity of a good or service that buyers are ready to buy at a given price at a particular time.

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Distribution

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

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Economic goods

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Physical objects that are useful, scarce, and transferable and which satisfy economic wants.

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Economic resources

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The human and natural resources and capital goods used to produce goods and services.

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Economic services

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Productive acts that are useful, scarce, and transferable and which satisfy economic wants.

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Economic want

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A desire for something that can only be satisfied by spending money.

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Economics

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