EC-070
A producer is someone who
makes things
what is a economic want?
A desire for something that can only be satisfied by spending money
what are capital goods?
Manufactured or constricted items that are used to produce goods and services
The study of how to meet unlimited wants with limited resources is
economics
what are complementary goods?
products that are used together,
what are the two main divisions of trade industry
wholesalers and retailers
what is economic goods?
Physical objects that are useful, scarce, and transferable and which satisfy economic wants
what is an economic resource?
The human and natural resources and capital goods used to produce goods and services; also known as factors of production
The gap between unlimited desires for products and limited resources is known as
scarcity
what is law of demand ?
economic principle which states that the quantity of a good or service that people will buy varies
what is a service business?
A type of business that performs activities that satisfy the needs and wants of consumers
what is economic service?
Productive acts that are useful, scarce, and transferable and which satisfy economic wants
what is flextime?
A scheduling procedure in which employees select their own working hours as long as they work the required number of hours
Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision?
concert tickets
what is supply?
the quantity of a good or service that sellers are able and willing to offer for sale at a specified price
what are trade industries?
Businesses that buy and sell goods to others
what would be an example of an economic want?
A new pair of sneakers. Video games. A new laptop.
what are examples of consumer goods?
food, beverages, clothing, shoes, and gasoline.
what are free goods?
Items that can be obtained without money
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
a. supply
b. elasticity
c. demand
d. market price
demand
How does the user of the product benefit from social responsibility?
By contributing to public interests
what is an example of an economic need?
food, water, clothing and shelter,
what is a consumer service?
services that businesses sell to individuals.
what are human resources?
People who work to produce goods and services
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
a. quantity sold
b. supply
c. quantity demanded
d. demand
supply