EC-070
What do service businesses sell?
Intangible activities
Which of the following is an example of an economic want?
Clothing
Resources that enable businesses to operate are also known as
Inputs
The study of economics is basically about what two things?
An indication of how changes in price will affect changes in the amounts demanded and supplied is known as __________.
Elasticity
Retailers sell to consumers, while wholesalers sell to ____
Other businesses
If a good or service is scarce, consumers will usually be
Interested in paying money to buy it
Weather conditions can most directly affect the supply of:
Natural Resources
In our world, people have ______ wants but limited resources
Unlimited
Some products are used together. These products would be known as
Complementary Products
Businesses show social responsibility to their customers by ___
Providing safe, quality products
Economic “votes” are cast by consumers each time they:
Make a purchase
All of the following would be capital goods EXCEPT
Fuel
A gap between unlimited wants and limited resources creates:
Scarcity
A product that has ___ (or is useful or needed) will satisfy a customer's wants and needs
Utility
Which is an example of where retailing takes place?
When someone buys a product from Amazon
Which of the following is an industrial good?
Receipt paper
A truck driver and an high-level operations manager would both be considered a human resources
True
The ultimate goal of all economic activity is:
Consumption
The point at which quantity supplied is equaled to quantity demanded
Equilibrium
A socially responsible business will attempt to give customers:
The best products at the best prices
You check for deals and customer reviews on various models of TVs before making a purchase. This consumer product is called a ___
Shopping product
_______ are items that are used to produce goods and services.
Economic Resources
_____ involve giving up all or part of one thing to get something else.
Trade-offs
When demand is great:
Prices increase and supply increases