EC-901
Water, air, and minerals are examples of natural resources, while working people are... resources.
What are human resources?
Consumers cast their "economic votes" every time they do this in a store.
What constitutes making a purchase?
Hotels and hospitals are examples of this type of business, as they offer intangible services that satisfy customer needs.
What is a service business?
When there is a surplus of goods in a store (more than people want to buy), the price of the product usually does exactly that.
What is a price drop?
When a large surplus of unsold goods appears on the market goods that no one wants to buy sellers lower their prices as a result.
What is an excess of supply over demand?
Going to the cinema, buying a new phone, or having dinner at a restaurant are examples of such needs.
What are economic needs?
Bread bought for the family without much deliberation belongs to this category of consumer goods.
What are goods for common use?
These companies purchase goods from manufacturers and sell them directly to end consumers without altering the form of the product.
Who are retailers?
If newspapers announce that a particular product is exceptionally healthy, the demand for it will rise, causing this price movement.
What is a price increase?
Economics primarily examines these needs because, unlike friendship or clean air, they possess monetary value.
What are economic needs?
Relationships with friends, love, or the sun on a sunny day are examples of needs that have no monetary value and are free.
What are non-economic needs?
Whether a given product (e.g., a computer or tires) is a consumer good or an industrial good depends solely on this factor.
What is it, who buys the product, and what do they use it for?
Manufacturing (e.g., paper or clothing production) and construction (e.g., the building of bridges and schools) fall into this major business group.
What are production companies?
When there are 300 watermelons in a store and exactly 300 customers want to buy them, a situation arises in which the price undergoes this change.
What is a lack of price change?
You buy bread for your family at the store without giving it much thought. In marketing classification, this product belongs to that category of consumer goods.
What are goods for common use?
Economics divides all human wants and needs into these two main categories.
What are economic and non-economic needs?
Economic services, unlike goods, are intangible, yet they must possess these three characteristics.
What are utility, scarcity, and transferability?
Unlike retailers, these companies supply goods that are subsequently sold to other stores or used by businesses in their day-to-day operations.
Who are wholesalers?
Frosts in Florida have destroyed most of the citrus crop. This situation will cause a change in fruit prices on the market.
What is a price increase caused by a drastic drop in supply?
Enterprises that purchase finished goods from manufacturers and sell them to retail stores constitute this group within the trade sector.
Who are wholesalers?
Because people have an infinite number of needs, change them over time, and must make choices among them, needs are defined by these three terms.
What are unlimited, changeable, and competing needs?
Sugar and flour purchased by a bakery for cake production fall into this specific category of industrial goods.
What are materials?
Initiatives such as supporting homes for the families of hospitalized children exemplify the company fulfilling this important role.
What is corporate social responsibility?
The bookstore has 100 computer textbooks from five years ago in stock. Demand for them will fall, and their price will drop primarily due to this factor.
What are rapid changes and technological progress?
A computer purchased by a student for doing homework is a consumer good, but that same computer purchased by a company becomes a good...
What is an industrial or capital good?