EC-070
Social responsibility should be part of the objectives of __________ businesses.
What is all?
A gap between unlimited wants and limited resources creates ______.
What is scarcity?
Industrial goods that are constantly being purchased and used up in the operation of a business.
What are supplies?
What type of resource is a hair dresser?
What is a human?
When the best time to buy products is at reduced prices, then a _____ market exists.
What is a buyers?
A company that transforms cotton into wearable clothing is considered a ___.
What is a mnufacturer?
In our world, people have ______ wants but limited resources.
What is unlimited?
___ refers to a desire for something that may or may not be required or may not actually be required.
What is a want?
Resources that enable businesses to operate are also known as
What are inputs?
Some products are used together. These products would be known as __________
What are complementary products?
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating __.
What is social responsibility?
The study of economics is basically about what two things?
What are people and choices?
Industrial goods and services are purchased by ___ for resale, to make other goods and to use in business operations.
What are producers?
Natural resources, human resources, and _________ are often referred to as factors of production.
What are capital goods?
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as
What is supply?
Emilia works for a company that constructs houses and business facilities.Which type of producer does she work for?
What is a builder?
The ultimate goal of all economic activity is _______.
What is consumption?
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
What is a consumer?
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?
If the demand for a good or service is constant regardless of its price, __________ demand exists.
What is inelastic?
These businesses don't modify or change products, they simply move goods from producers to customers.
What are trade industries?
_____ involve giving up all or part of one thing to get something else.
What are trade-offs?
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 specialty?
Capital goods reflect the state of ________ that exists in society. For example, Industrialized societies would use the most up-to-date and modernized capital goods.
What is Technology?
Three factors necessary for demand to exist are: desire for a product, buying power to pay for the product and
What is willingness to exchange buying power?