Business-Connections
Someone who manufactures products:
Producer
Quantity of a good or service that producers are able and willing to offer for sale
Supply
What is a wholesale company?
Sells items in bulk
What is a company that sells regular items
Retail company
What is someone who buys products called?
Consumer
This type of Business usually sells their items in "Bulk"
Wholesale company
Cotton is an example of a __________ resource.
NATURAL
Parts such as screws, materials, parts belong to what classification?
Industrial products
Made by manufacturers
Ex: Phones, machines, vehicle
Capitol resources/goods
Another name for Factors of Production
Economic resources
Government has full control.
Command
Responsibility is a key part of which ethical principle?
Accountability
Someone who buys products
Consumer
True or false: Capitol goods are created by people
True
When people want things they haven’t earned, they are motivated by
Greed
The two main divisions of the trade industry are
Wholesale & Retail
Limited resources are those that are
Scarce
Consumers purchase these items quickly and without much thought or effort
Convenience
Giving up one thing for something else is:
Trade-offs
This market relies on itself and the traditions passed down
Traditional
The 'Gap' between unlimited desires for products and limited resources is known as
Scarcity
Consequence of unethical behavior
Lost Trust
Poor reputation
Legal problems
These are items with special or unique characteristics that consumers are willing to exert special efforts to obtain.
Specialty products
True or False: Money is a capital good
False
If you need to spend money to satisfy a want, it is considered an:
Economic want
A _____ market is characterized by large supply, small demand, and low prices.
BUYERS
is the quantity of a good or service that buyers are ready to buy at a given price at a particular time
Demand
One way in which a business can show its social responsibility is by __________ its profits.
Maximizing
Three types of Economic resources:
Human, Capital, Natural
A duty to contribute to the well-being of society.
Social Responsibility
When a choice is made about the best use of resources, the next-best alternative that is given up is called the __________ of that choice.
Opportunity Cost
Demand is constant, even if prices change (ex: Gas)
INelastic Demand
Type of "wants" that can be satisfied without spending money are known as
Non-economic wants
What can producers do to overcome a problem with limited human resources?
Offer training, more money
People who work physically and/or mentally
to produce goods and services
Human resources