EC-070
Businesses that create goods from raw materials or resources are called this.
What are producers?
These are desires for things that people may or may not actually need.
What are wants?
These are items used to produce goods and services
What are economic resources?
The movement of goods, services, and resources between people happens because of this group of activities: consumption, production, exchange, and so on.
What is distribution?
This economic principle determines what goods and services are available and their prices.
What is supply and demand?
This type of producer makes finished goods from raw materials
What is a manufacturer?
The things people buy to satisfy economic wants are called these
What are economic goods and services?
Without these, businesses would not be able to produce goods or services.
What are economic resources?
This is when people use or buy goods and services
What is consumption?
Understanding how these two forces interact helps explain how prices are set
What is supply and demand?
These businesses sell goods to other businesses rather than directly to customers
What are wholesalers?
A want that requires spending money to satisfy it is called this
What is an economic want?
This type of economic resource includes materials found in nature like water, land, and minerals
What are natural resources?
This refers to creating goods or services
What is production?
Besides price, this refers to how useful a product is and can affect demand.
What is utility?
These businesses sell goods directly to consumers
What are retailers?
For something to be considered an economic good, it must be tangible, useful, scarce, and this.
What is transferable?
This type of resource refers to people and their skills used in production
What are natural resources?
The trading of goods and services between individuals or businesses is called this.
What is exchange?
This factor affecting supply includes the expenses of making a product
What is the cost of production?
Unlike trade industries, these businesses provide intangible products instead of physical goods
What are service businesses?
Unlike goods, these are intangible activities that satisfy wants.
What are economic services?
Natural resources and human resources are examples of these.
What are the categories of economic resources?
The value of goods and services depends on productivity, demand, and this factor.
What is supply?
Events like natural disasters or emergencies can affect this side of the market
What is supply?