| A | B |
|---|
| Capital goods | Manufactured or constructed items that are used in the production of goods and services. |
| Consumer products | Products produced for personal consumption. |
| Consumption | The process or activity of using goods and services; the economic process or activity of using goods and services. |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time. |
| Distribution | The economic process or activity by which income is divided among resource owners and producers. |
| Economic goods | Physical objects that are useful, scarce, and transferable and which satisfy economic wants. |
| Economic resources | The human and natural resources and capital goods used to produce goods and services. |
| Economic services | Productive acts that are useful, scarce, and transferable and which satisfy economic wants. |
| Economic want | A desire for something that can only be satisfied by spending money. |
| Economics | The study of how to meet unlimited, competing wants with limited resources. |
| Elastic demand | A form of demand for products in which changes in price correspond to changes in demand. |
| Elasticity | An indication of how changes in price will affect changes in the amounts demanded and supplied. |
| Equilibrium | The point at which the quantity supplied is equal to the quantity demanded. |
| Excess demand | The situation that exists when demand is greater than supply. |
| Excess supply | The situation that exists when supply is greater than demand. |
