| 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. |
| Exchange | The economic process of trading one good/service for another. |
| Factors of production | Productive resources; human and natural resources and capital goods. |
| Human resources | People who work to produce goods and services. |
| Industrial products | Products purchased by producers for resale, to make other goods and services, and/or to use in business operations. |
| Inelastic demand | A form of demand in which changes in price do not affect demand. |
| Law of demand | Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service. |
| Law of supply | Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price. |
| Law of supply and demand | Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low. |
| Natural resources | Items found in nature that are used to produce goods and services. |
| Need | Something required or essential that is lacking. |
| Noneconomic want | Desires for things that can be obtained without spending money. |
| Production | The economic process or activity of producing goods and services. |
| Scarcity | A condition resulting from the gap between limited resources and unlimited wants for goods and services. |
| Supply | The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period. |
| Trade-off | Giving up all or a part of one thing in order to get something else. |
| Want | A desire for something that is not required. |
