EC-070
A producer is someone who
makes things
A characteristic of human wants is that they are
unlimited
Resources that enable businesses to operate are also known as
inputs
What are wants?
Wants are desires for things that may or may not be necessities.
Give me the definition of supply?
Quantity of a good or service
that producers are able and
willing to offer for sale
Farms, mines, and lumber companies are examples of
raw-goods producers
Which of the following is an example of an economic want
Clothing
Which of the following statements regarding economic resources is true
Natural resources, human resources, and capital goods are often referred to as factors of production.
What Is Economics?
The study of how to meet unlimited,
competing wants with limited resources
what is market equilibrium
Market equilibrium is the point where the quantity of a good or service that producers are willing to supply equals the quantity that consumers are willing to buy.
Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?
A builder
An example of a noneconomic want would be the desire for
a friend
When producers use the best combination of resources, consumers are more likely to get goods and services that?
they want
What is Scarcity?
Scarcity: the gap between unlimited wants for goods
and services and limited resources
What is supply and demand?
Supply and demand is a fundamental concept in economics that explains the relationship between the availability of a product and the desire for it.
Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a
trade industry
An economic good or service that is scarce is one that is
in limited supply
Using a stream to supply water for crops is an example of using
natural resources
what is opportunity cost?
the benefit that is lost when
you decide to use scarce resources for one
purpose rather than for another
What is a sellers market?
A seller's market is a housing market where demand exceeds supply, giving sellers the advantage with multiple offers.
The two main divisions of the trade industry are
wholesalers and retailers
If a good or service is scarce, consumers will usually be
willing to pay money to get it
A salesclerk working part-time at a clothing store is an example of a(n)
human resource
What is economic consumption?
economic process or activity of using
goods and services.
What is a buyers market?
A buyer's market is a period in the real estate market where there are more homes for sale than there are buyers.