EC-070
These producers provide goods in their natural, or raw, states.
What are raw-goods producers?
Productive acts that satisfy economic wants.
What are economic services?
Items that are used to produce goods and services and inputs that enable businesses to operate.
What are economic resources?
The study of how to meet unlimited, competing wants with limited resources.
What is economics?
Quantity of a good or service that producers are able and willing to offer for sale.
What is supply?
These people change the shapes or forms of materials so that they will be useful to consumers.
What are manufacturers?
Purchased by producers for resale, to make other goods and services, or to use in business operations.
What are industrial goods and services?
Economic Resources are also known as this.
What are factors of production?
The gap between unlimited wants for goods and services and limited resources.
What is scarcity?
Quantity of a good or service that will be offered for sale varies in direct relation to its selling price.
What is the Law of Supply?
Roads, bridges, schools, hospitals, houses, office buildings, places of worship—we rely on (fill in blank) to construct them for us.
What are builders?
Clothing is an example of (fill in blank).
What is an economic want?
Resources found in nature that are used to produce
goods and services.
What are natural resources?
This resource is limited by, Willingness and ability to work and Worker shortages in certain professions.
What are human resources?
Quantity of a good or service that consumers will buy varies inversely with the price of the good or service.
What is the Law of Demand?
(Fill in blank) are businesses that buy and sell goods to others.
What are trade industries?
Convenience, Shopping, Specialty, and Unsought are all classifications of...
What are classifications of consumer products?
People who work physically and/or mentally to produce goods and services
What are human resources?
This resource is limited by Increasing global population, Difficulty or cost of obtaining them, Lack of technology, Finite supply, Weather conditions, and The environment.
What are natural resources?
Two types of economic markets that either benefit the consumer or producer.
What is a Buyer's and a Seller's Market?
Retailers sell to ultimate consumers, while (fill in blank) sell to other businesses.
What are wholesalers?
Materials, Parts, Installations, Equipment, and Supplies are all classifications of...
What are classifications of industrial products?
Manufactured or constructed items that are used to produce goods and services.
What are capital goods?
This type of good is limited by, Available labor and natural resources, Available money for purchasing, and Lack of technology.
What are capital goods?
The type of Demand where demand is constant regardless of price changes.
What is inelastic demand?