Economic Goods And Services
can be satisfied without spending money....
What is Non-economic resources?
Quantity of a good or
service that consumers
will buy varies inversely
with the price of the
good or service
What is law of demand?
Natural resources, Human resources, and capital goods are...
What is categories of economic resources.
The amount of money that
is paid for a good, service,
or resource
What is price.
The study of how to meet unlimited,
competing wants with limited resources
What is economics?
Industrial goods and services are purchased by....
What is producers?
Quantity of a good
or service that will be
offered for sale varies
in direct relation to its
selling price
What is law of supply.
Any resources found in nature that are used to produce goods and services is a...
What is natural resources?
The ratio between two prices?
What is Relative Price
desires for things that
may or may not be necessities
Classifications of industrial products are....
• Materials
• Parts
• Installations
• Equipment
• Supplies
The two markets are
What is Buyer Market and Seller Market
People who work physically and/or mentally
to produce goods and services is a....
The quantity supplied are more than demanded
What is excess supply
What are 3 out of 6 things that are limiting natural resources.
Increasing global population
Difficulty or cost of obtaining them
Lack of technology
Finite supply
Weather conditions
The environment
Classifications of consumer products are...
• Convenience
• Shopping
• Specialty
• Unsought
The 2 types of Demand are
What is Elastic demand and Inelastic demand?
Manufactured or constructed items that are used to produce goods and services...
What is capital goods?
Three factors influence the
price a consumer is willing
to pay
What is buying power, value, and Relative price?
economic process or activity of using
goods and services
What is consumption.
3 things you need for product classification for marketing....
Promotion
Distribution
Selling
Name 3 of the 6 factors affecting supply
Cost of production
Number of products
Future prices
Disasters and emergencies
Government
Technology
Factors Affecting Supply
Natural resources, human resources, and capital goods are all....
What is limited?
Also known as the market-clearing price
What is Equilibrium Price
the gap between unlimited wants for goods
and services and limited resources