EC-070
Producers that provide goods in their raw or natural state.
What is a raw goods producer?
The study of how to meet unlimited, competing wants with limited resources
What are Economics?
A desire; can be competing, changing, and unlimited.
What are Wants?
Situations where resources are limited.
What is Scarcity?
One price compared to another price.
What is Relative Price?
Performs intangible activities that satisfy the needs and wants of consumers and industrial users
What is a service Business?
All of the manufactured or constructed items that are used to produce
goods and services.
What are capital goods?
Goods or services used/purchased by the final user.
What are Consumer Goods and Services?
Land, Minerals, Bodies of Water, Vegetation, Lumber, Air, Weather.
What are Natural Resources?
The actual price someone pays in the market.
What is Market Price?
Businesses that buy and sell goods to others without modifying the form of the product
What are trade businesses?
What will be produced? How will products be produced? How will products be allocated?
What are the three economic questions?
Goods or services that are purchased by other producers. Can be changed or resold.
What are Industrial Goods or Services?
Agents, Researchers, Managers, Production Leaders.
Cost of production, number of producers, government, and technology.
A business with a physical building where customers can buy items face-to face
What is a Brick-and-mortar business?
Consumption
What is the goal of all economic activity?
Materials, Parts, Installations, Equipment, Supplies.
What are Classifications of Industrial Products?
Equipment, Machinery, Tools.
What are Capital Goods?
Situation where producers lower their prices in order to sell excess supply.
Buyer's Market
Sells goods to ultimate consumers
Who do Trade Industries sell to?
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.
What is an opportunity cost?
Convenience Products, Shopping Products, Specialty Products, and Unsought Products.
What are Classifications of Consumer Products?
Lack of Training, Disinterest in Filling Jobs, Decrease in Jobs Opportunities; all causing a business to struggle.
What are Factors of Limited Human Resources?
Situations where the demand is high, and the prices go down.
Seller's Market