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Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service
Shopping products
Anyone who personally uses a good or service to satisfy their own wants
Ultimate consumer
Choosing among alternatives
Decision-making
Items that can be obtained without money
Free goods
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
Opportunity cost
Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain
Specialty products
Consumer goods and services bought out of necessity or adversity rather than desire
Unsought products
The process or activity by which income is divided among resource owners and producers
Distribution
People who work to produce goods and services
Human resources
The amount of money paid for a good, service, or resource
Price
A frequently purchased item that businesses keep on hand continuously because the demand for it is constant
Staple item
A desire for something that may or may not be required
Want
Consumption, production, exchange, and distribution
Economic activities
The money received by resource owners and by producers for supplying goods and services to customers
Income
A condition resulting from the gap between limited resources and unlimited wants for goods and services
Scarcity
Industrial goods that are constantly being purchased and used up in the operation of a business
Supplies
Manufactured or constructed items that are used to produce goods and services
Capital goods
Desires for items that can only be obtained by spending money
Economic wants
Items that are found in nature and used to produce goods and services
Natural resources
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Services
Capable of being touched, smelled, tasted, seen, or heard; physical
Tangible
The process or activity of using goods and services
Consumption
The study of how to meet unlimited, competing wants with limited resources
Economics
A desire for something that can be satisfied without spending money
Noneconomic want
Giving up all or part of one thing to get something else
Trade-off