economics

economics - Term Definition economics study of how people...

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Term: economics Definition: study of how people try to satisfy unlimited wants with limited resources Term: tinstaafl Definition: there no such thing as a free lunch Term: scarcity Definition: occurs when people do not have enough resources to produce all their needs and wants Term: goods Definition: physical object that can be purchased Term: services Definition: actions or activities performed for a free
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Term: consumers Definition: who purchase goods and services Term: producers Definition: who supply goods and services Term: need Definition: a basic requirement for survival like food and shelter Term: want Definition: a way of expressing a need Term: factors of production Definition: resources required to produce the things we would like to have
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Term: product Definition: what you sell to your consumers Term: consumer good Definition: intend for final use by individuals Term: capital good Definition: intend for final use by individuals Term: durable good Definition: any good that last three years or more
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