EC-070
What is a raw goods producer
Someone who provides goods in their natural state
Things that people buy to satisfy their economic wants
Economic goods and services
Who are baby boomers?
People born between 1946 and 1964
What is exchange
Trading in a good or service for another
What is supply?
The quantity of a good or service that producers are able and willing to pay
What is a trade industry
A business that buys and sells goods to others
What are wants
Something people buy to satisfy desires that might not be neccesary
What does it mean to conserve something in economics?
To slow down the use of something or make its supply last longer
What are the economic activities
Consumption,exchange,production and, distribution
What is demand?
The willingness that consumers are willing to pay for said product or service
A brick and mortar is
A business that operates out of a physical facility
what is economics?
Trying to meet unlimited wants with limited resources
What are entrepreneurs
People who assume the risk of starting and operating a business
What are human resources
people that work to produce goods and services
What does a buyers market need?
A large supply,small demand and, low price
What do service businesses perform?
They perform intangible activities that satisfy the needs and wants of consumers or industrial users
What are producers
Someone who make or produce goods and services
What are capital goods
Items that were manufactured that are used to make other products
A non economic want is?
What is the requirements for a sellers market?
A small supply,large demand and,high price
Someone who helps move goods between producers and retailers by buying goods from producers and selling them to retailers
Wholesaler
What is scarcity
It is the concept that human wants and needs are unlimited but resources arent
What is the employe assistance program
A project organized and sponsored by a company to help its employees
What is economizing
The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained
What is a equilibrium
a state where opposing economic forces, such as supply and demand, are balanced, and there's no inherent tendency for change