EC-012/011
Products that can be used together are called
What is a complementary product
A desire that is not needed or required
What is a want
A resource that is found in nature and used to produce goods and services
What is a natural resource
The people who benefit from businesses maintaining social responsibility
Who is everyone
The study of people and choices
What is economics
The relationship between price and quantity demanded
What is inverse
Willing to pay extra for a specific thing
____ item
what is a specialty item
Information used to describe a population
What is a demographic
producers that provide goods in their natural, or raw, states.
What is a raw-goods producer
unlimited wants and limited resources
What is scarcity
Demand for a luxury is most likely to be
What is elastic
An item purchased as a result of an on‑the‑spot decision to buy
What is an impulse product
Products produced for personal consumption
What is consumer goods and services
businesses that buy goods from producers and sells them to retailers
What are wholesalers
___ wants, limited resources
What is unlimited
Demand for a good is more likely to be elastic when the good is
What is a luxury
An economic good must be scarce
People who work to produce goods and service
What are human resources
changing the shapes or forms of materials so that they will be useful to consumers.
What is manufacturing or a manufacturer
The ultimate goal of all economic activity is
What is consumption
3 economic questions
What is
What to produce, How to produce it, how to allocate
Economic “votes” are cast by consumers each time they
What is make a purchase
____ reflects the state of technology that exists in society
What are capital goods
performing intangible activities that satisfy the needs and wants of consumers and industrial users.
What is a service business
The benefit that is lost when you decide to do or use something else
What is an opportunity cost