EC-070
Someone who makes things
What is a producer?
The study of how to meet unlimited,
competing wants with limited resources
What is economics?
Items that are used to produce goods and services
What are economic resources?
The “things” that people buy to satisfy their economic wants
What are economic goods and services?
The quantity of a good or service that consumers are willing and able to purchase at a specific price over a given period
businesses that sell intangible activities
What is a service business?
desires for things that may or may not be necessities
What are wants?
Any resources found in nature that are used to produce goods and services
What are natural resources?
productive acts that satisfy economic wants
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
What is supply?
The two main divisions of the trade industry
What is wholesalers and retailers?
obtained by spending money
What are economic wants?
People who work physically and/or mentally to produce goods and services
What are human resources?
anyone who personally uses a good or service to satisfy their own wants
What is an ultimate consumer?
the point at which the quantity supplied is equal to the quantity demanded
What is equilibrium?
Businesses can show their social responsibility by contributing to
what is public interest?
The gap between unlimited wants for goods and services and limited resources
What is scarcity?
Manufactured or constructed items that are used to produce goods and services
What are capital goods?
Consumers purchase these items quickly and without much thought or effort.
What are convenience products?
When the price of a product is low because there is a large supply and a small demand.
What is a buyer's market?
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating
what is social responsibility?
individuals who make or provide goods and services
What is a producer?
Natural resources, human resources, and capital goods are all
What are limited resources?
all the goods and services that are purchased by producers: For resale, to make other goods and services, and to use in operating their businesses.
What are industrial goods and services?
When the quantity demanded is much greater than the quantity supplied, and prices are higher
What is a seller's market?