1. Define the following terms: capital goods, consumer goods and services, consumption, demand, distribution, economic goods, economic resources, economic services, economic need, economy, elastic demand, elasticity, equilibrium, excess demand, excess supply, exchange, factors of production, human resources, industrial goods and services, inelastic demand, law of demand, law of supply, law of supply and demand, natural resources, need, non-economic need, opportunity cost, price, production, scarcity, supply, compensation, desire.
2. Distinguish between economic goods and services.
3. Explain the concept of economic resources.
4. Describe the concept of economy and economic activities.
5. Explain the principles of supply and demand.
6. Describe the functions of prices in markets.

Answer rating: 100% (QA)

Certainly Lets define these terms 1 Capital Goods Physical assets such as machinery equipment and infrastructure used in the production of other goods and services 2 Consumer Goods and Services Produc... View the full answer