EC-070
Which is an example of where retailing takes place?
When someone buys a product from Amazon
A characteristic of human wants is that they are
Unlimited
Resources that enable businesses to operate are also known as...
Inputs
The study of economics is basically about what two things?
People and choices
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of?
Demand
Social responsibility should be part of the objectives of __________ businesses.
All
An economic good or service that is scarce is one that is...
In limited supply
When a stove is used in a restaurant kitchen, it is a...
Capital good
In our world, people have ______ wants but limited resources
Unlimited
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is?
Supply
What do service businesses sell?
Intangible activities
If a good or service is scarce, consumers will usually be...
willing to pay money to get it.
Using a stream to supply water for crops is an example of using
You want to hang out with your friend after school. This would be called a ____
Noneconomic want
What might businesses do if they expect prices to increase substantially in the future?
Keep products off the market
A company that transforms cotton into wearable clothing is considered a ___
Manufacturer
Economic “votes” are cast by consumers each time they
Make a purchase
When there is not enough of a resource available for everyone to have as much of it as desired, the resource is...
Limited
A gap between unlimited wants and limited resources creates:
Scarcity
One reason why the supply of certain products has been eliminated is because of...
Technology
Retailers sell to consumers, while wholesalers sell to ____
Other businesses
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
Consumer
The state of technology that exists in a society can limit...
Natural resources and capital goods.
The ultimate goal of all economic activity is:
Consumption
A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?
Buyer's