EC-070
Someone who makes things
What is a producer?
An economic good or service that is scarce
What is limited supply?
A stream of water
What is a natural resource?
The two categories of wants
What are economic and noneconomic wants?
The quantity of a good or service available
What is supply?
The two main divisions of the trade industry
What are wholesalers and retailers?
A characteristic of humans wants
What is unlimited?
Members of younger generations filling job positions
What are changes in workforce demographics?
The ultimate goal of all economic activity
What is consumption?
Determines whether consumers can buy goods or services
What is buying power?
The service that businesses sell
What are intangible activities?
Economic "votes" are cast by consumers each time they
What is making a purchase?
Companies offer higher wages, employee assistance programs and benefits
What are responses to limited human resources?
There are two factors involved in determining the value of a resource, good, or service
What are availability and demand?
Characterized by large demand, small supply, and high prices
What is a seller's market?
A large retailer donates to the well-being of society
What is social responsibility?
Sugar and flour that are purchased to make baked goods are classified as
What are materials?
Tyler is allowed to start and end his workday at his convenience as long as he works 40 hours a week
What is flextime?
A manager accepts the production of fewer products as long as products are higher-quality
What is a trade-off?
Fluctuating prices and demand, usually with luxury goods and services
What is elasticity?
Businesses can show social responsibility by contributing to this
What are public interests?
The reason marketers classify goods and services
What is aiding in market planning?
Powering a motor vehicle with biodiesel instead of gasoline
What is an alternative resource?
Three basic economic questions
What products will be produced? How will products be produced? How will products be allocated?
Can cause the supply of a good to decrease
What are government regulations?