EC-070
A producer is someone who...
What is makes things
A characteristic of human wants is that they are
What is unlimited
Using a stream to supply water for crops is an example of using
What is natural resources
____ are desires for things that may or may not be necessities.
What is Wants
Quantity of a good or service that consumers will buy varies inversely with the price of the good or service is the law of
What is demand
A company that transforms cotton into wearable clothing is considered a
What is Manufacturer
Bread for a family would best be classified as a __________ product.
What is Convenience
Resources that enable businesses to operate are also known as
What is Inputs
_____ is the study of how to meet unlimited, competing wants with limited resources
What is Economics
Quantity of a good or service that producers are able and willing to offer for sale is known as the
What is supply
The two main divisions of the trade industry are
What is wholesalers and retailers
An economic good or service that is scarce is one that is
A salesclerk working part-time at a clothing store is an example of a
What is human resource
______ are desires for items that can only be obtained by spending money
What is economic wants
The supply of a good or service will increase when the demand is great and decrease when demand is low is the law of
What do service businesses sell?
What is Intangible activities
Economic “votes” are cast by consumers each time they
What is makes a purchase
Rather than being required to start his workday at 8:00 a.m. and end it at 4:00 p.m., Tyler is allowed to start and end his workday at his convenience as long as he works 40 hours per week. This is an example of
What is flextime
_____ are desires for things that can be obtained without money.
What is noneconomic wants
Large supply, Small demand and Lower prices are all characteristics of the
What is buyers market
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
What is a safe working environment
Cash register tapes and shipping forms used by a business would be classified as industrial
What is supplies
Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring baby boomers. This is an example of a change in
What is workforce demographics
The three economic resources are
What is natural resources, human resources, and capital goods.
Small supply, Large demand and Higher prices are characteristics of the
What is sellers market