EC-070
provides non-tangible services
what is a service business?
a desire for a good or service that has a monetary value, requires scarce resources to satisfy, and can be fulfilled through purchasing
what is a economic want?
items that are used to produce
goods and services
what is an economic resource?
For consumption to occur, what has to be produced
what are goods and services?
The quantity of a good or service that consumers are ready to buy at a given price at a particular time is known as
what is demand?
the economic sector focused on the buying, selling, and distribution of goods and services, encompassing activities like retail
what is a trade industry?
a desire that does not involve money or scarce resources and is typically for intangible or personal needs
a field that analyzes the sustainable management and use of natural resources, like minerals, energy, and ecosystems
what is a natural resource?
The ultimate goal of all economic activity is
what is consumption?
If consumer's don't have money to spend, they can't buy products ,because of this what is is a major factor affecting demand
what is buying power?
a person or business that creates and supplies goods or services for sale in the market
what is a producer?
intangible activities, skills, or efforts performed to satisfy human wants, rather than tangible products
what is an economic service?
a field that applies economic principles to understand how human capital is acquired
what are human resources?
What is the process of trading one good or service for another
what is extange?
Some products are used together. These products would be known as
what are complemantaty products?
a business that buys products in bulk from manufacturers and then sells them in smaller quantities to retailers
what is a wholesaler?
a product or service that satisfies human wants or needs, has utility, and is scarce enough to command a price or exchange value
What is an economic good?
physical assets or infrastructure, like machinery, equipment, and buildings, that businesses use to produce other goods and services
what are capital goods?
is the process or activity by which income is divided among resource owners and producers
what is distribution?
The point at which quantity supplied is equaled to quantity demanded
what is equilibrium?
a business that operates from a physical building, such as a store or office, rather than an online-only platform
what is brick and mortar?
a good, material, or service bought by businesses for producing other goods, for resale, or for the operation of a business
What is an industrial product?
Resources that enable businesses to operate are also known as
what are inputs?
involve giving up all or part of one thing to get something else
what is a trade-off
An indication of how changes in price will affect changes in the amounts demanded and supplied is known as
what is elasticity?