EC-070
Farms, mines, and lumber companies are examples of
What are raw-goods producers?
____ wants are desires for items that can only be obtained by spending money.
What is economic?
Another way to say a good is "scarce" is to say it is
What is "in limited supply"?
Using a stream to supply water for crops is an example of using
What are natural resources?
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 known as
What is supply?
Emilia works for a company that constructs houses and business facilities. The type of producer she works for is
What is a builder?
The study of economics is basically about these two things:
What are people and choices?
A characteristic of human wants is that they are
What is unlimited?
A salesclerk working part-time at a clothing store is an example of a(n)
What is a human resource?
Some products are used together. These products would be known as
What are complementary products?
Service businesses sell
Capital goods are the items used to
What is produce goods and services?
Each day, a restaurant sends its used linens to a laundry service to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) ____ service.
What is industrial?
Resources that enable businesses to operate are also known as
What are inputs?
Three factors necessary for demand to exist are: desire for a product, buying power to pay for the product and
What is willingness to exchange buying power?
The two main divisions of the trade industry are
What are wholesalers and retailers?
A gap between unlimited wants and limited resources creates:
What is scarcity?
Economic “votes” are cast by consumers each time they
What is make a purchase?
Weather conditions can most directly affect the supply of
What are natural resources?
An economic principle that states that the quantity of a good or service that will be offered for sale varies in direct relation to its selling price is known as
What is the law of supply?
The services offered by trade industries may be
What is limited or full-line?
You decide to watch YouTube videos instead of playing video games. This is referred to as:
What is the opportunity cost?
Economic services must be ____, ____, and ____.
What are useful, scarce, and transferable?
Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring baby boomers. This is an example of a change in
What are workplace demographics?
The economic principle which states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service is known as
What is the law of demand?