EC-070
When someone buys a product from a company like amazon
retailing
Clothing is an example of..
an economic want.
Something required or an essential lacking
Need
Weather conditions can most directly affect the supply of:
Natural resources
Prices increase and supply increases when...
the demand is great.
Retailers sell to consumers, wholesalers sell too
other businesses
Impulse product is the result of...
an on-the-spot decision purchase
Desires for things that can be obtained without spending money.
Noneconomic want
Offering higher wages, employee assistance programs, and benefits are responses to limited
Human resources
Large supply, small demand, low prices are factors of...
Buyer's market
providing safe quality products is how businesses show..
Social responsibility
A student purchased a laptop to use for homework assignments, classification would be...
Consumer goods
The economic process or activity of producing goods and services.
Production
Natural resources, human resources, and _________ are often referred to as factors of production.
Capital goods
Consumer's age can affect what of a product?
The utility
They operate from a variety of business premises.
Wholesale trade businesses
Customers are interested in paying money to buy usally if it's..
Scarce
Distribution examines how income is divided between:
Producers and resource owners
Using biodiesel fuel for vehicles would be an example of finding an alternative for ____
Natural resources
point at which quantity supplied is equal to quantity demanded.
Equilibrium
A safe and secure working environment is how buisnesses...
show social responsibility towards employees.
an industrial good that becomes part of the finished product without addition processing.
Parts
Mary had the chance to play basketball for the summer, but she chose to play soccer instead. What is the opportunity cost?
Playing basketball
A company designs robotic technology that can perform human job functions. This is known as ____ and can be an alternative to limited human resources
Automation
factor affecting demand involves consumer's not having money to spend.
buying power