EC-011
whats buying power
If consumers do not have money to spend, they cannot buy products. Therefore, buying power,
Into what two categories can wants be divided?
Economic and noneconomic
how could a tractor become a limited source
not enough
A characteristic of human wants is that they are
unlimited
The United Association of Plumbers and Pipefitters is an example of a(n)
craft/trade union.
is money available a major thing affecting demand
yes
Seeing a movie at a theater would be considered a(n) __________ want.
Economic
how could you respond on not having enough truckls
buy or rent.
An example of a noneconomic want would be the desire for
a freind
Though employees who work for auto companies hold a variety of different jobs, they may all belong to the same union—the United Auto Workers. This is an example of a(n) __________ union.
industrial
does the price of complementary products also have an effect on demand
yes
Which of the following groups of words best describes wants:
Unlimited, changing, and competing
is a fish
natural resource (N)
human resource (H)
capital good (C).
N
If a good or service is scarce, consumers will usually be
willing to pay money to get it.
Actors and athletes belong to what type of union?
Professional unions
true or flase
consumer don't have an effect on demand
False
In economics, capital goods include
Buildings and Equipment
is a road
natural resource (N)
human resource (H)
capital good (C).
c
Economic “votes” are cast by consumers each time they
make a purchase.
Why are unions a powerful force in business?
They organize workers into a single bargaining unit and increase their bargaining power.
True or false
Another factor that influences a consumer’s decision to buy or not to buy is his/her standard of living.
True
Why are resources considered limited?
There are not enough available for everyone to have as much of them as desired.
is a welder
natural resource (N)
human resource (H)
capital good (C).
H
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
consumer
Why do unions and management experience conflicts?
They both want to keep businesses operating but have different ideas about how to reach that goal.