EC-903
Natural resources, human resources, and _________ are often referred to as factors of production.
What are capital resources
When demand is great:
What is price increases and supply increases
___ refers to a desire for something that may or may not be required or may not be required
What is a Want
What do service businesses sell?
What services
In our world, people have ______ wants but limited resources
What is unlimited wants
Weather conditions can most directly affect the supply of:
What is natural
Some products are used together. These products would be known as
What are complementary products
Economic “votes” are cast by consumers each time they:
What is what is purchasing goods and services
A company that transforms cotton into wearable clothing is considered a
What is a textile manufacturer?
You decide to watch YouTube videos instead of playing video games. This is referred to as:
Offering higher wages, employee assistance programs, and benefits are responses to limited
What is human resource
When the demand is so great that customers will buy regardless of high prices, a(n) __________ market exists
Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product
What is a luxury or high-end product
A socially responsible business will attempt to give customers:
What are quality products and services, fair pricing, and ethical business practices
The study of economics is basically about what two things?
A company designs robotic technology that can perform human job functions. This is known as ____ and can be an alternative to limited human resources
What is automation
A product that has ___ (or is useful or needed) will satisfy a customer's wants and needs
What is utility
Any item purchased as a result of an on‑the‑spot decision to buy
What is an impulse purchase
Businesses demonstrate social responsibility in two ways—by contributing to public interests and
What is by considering the well-being of society and the environment in their operations
A gap between unlimited wants and limited resources creates:
What is scarity
Offering higher wages, employee assistance programs, and benefits are responses to limited
What is human resources
An indication of how price changes will affect changes in the amounts demanded and supplied is known as __________.
What is a elastictiy
Industrial goods and services are purchased by ___ for resale, to make other goods, and to use in business operations
What are businesses
These businesses don't modify or change products, they simply move goods from producers to customers
What is distributors or wholesalers
StartFragment____ is the process or activity by which income is divided among resource owners and producersEndFragment
What is distribution