EC-070
This type of producer creates products directly from nature, such as farms, mines, and lumber companies.
What is a raw-goods producer?
A tangible object that can be touched, smelled, or tasted.
What is a good?
This is the term used to describe the transfer of goods from one mode of transport to another.
What is transport?
This term describes the study of how society uses scarce resources to produce and distribute goods.
What is economics?
This is the study of how people satisfy needs/wants.
What are economics?
These businesses turn raw materials into useful goods, such as transforming cotton into clothing.
What are manufacturers?
Intangible activities performed by other people for money.
What are services?
This is a resource that can be used in place of another.
What is an alternative resource?
This is the value of the next best alternative that is given up when a choice is made.
What is opportunity cost?
This is when consumer demand exceeds producer supply.
What is a shortage?
This type of business buys goods from producers and sells them to retailers.
What is a wholesaler?
An example of this type of item includes clothing or cars.
What is an economic good?
These manufactured or constricted items that are used to produce goods and services.
What are Capital goods?
This type of economy is where the government makes all decisions regarding production and distribution.
What is command economy?
This is a graph showing alternative resource uses.
What is production possibilities curve?
These businesses sell goods directly to the ultimate consumer in small quantities.
What are retailers?
Anyone who personally uses a good or service to satisfy their own wants.
Who is an ultimate consumer?
These products are produced for personal consumption.
What are consumer goods and services?
This principle suggests that as price increases, the quantity demanded by consumers decreases.
What is law of demand?
This is function setting goals and methods.
What is planning?
These are the two main divisions of the trade industry.
What are wholesalers and retailers?
Goods purchased to be used in the production of other goods or to operate a business.
What are industrial goods?
This human and natural resources and capital goods used to produce goods and services; also known as factors of production.
What are economic resources?
This refers to goods manufactured abroad and sold in the United States.
What are imports?
These are standards of conduct and morals.
What are ethics?