Ec-070
People who make goods and services
who are producers
According to the text, this aspect of human nature means that no matter who you are, your wants will never be fully satisfied.
What are endless (or unlimited) wants?
This term describes any resource found in nature that is used to produce goods and services.
What is a natural resource?
Lemons, water, and ice used to make the lemonade are examples of this general category of resources provided by nature.
What are natural resources?
This type of human resource is responsible for coordinating production activities within a business
What is an operations manager?
A retailer that works only online
E-tailor
This social science studies how people deal with unlimited wants in a world of limited resources
What is economics?
Natural resources are sometimes generally referred to by economists as this four-letter word.
What is land?
According to the text, these three broad categories of resources were all required to make the lemonade stand successful
What are natural resources, human resources, and capital goods?
: This specific action involves organizing resources and accepting risk in order to make a business idea a reality and obtain a profit.
What is entrepreneurship?
his type of business performs intangible activities that satisfy consumer or industrial needs rather than selling physical products.
What is a service business?
This fundamental study deals with how society manages its limited resources to satisfy unlimited human wants
What is economics?
Iron ore, gold, silver, and copper fall under this specific category of natural resources listed in the passage
What are minerals?
: Lemons, water, and ice used to make the lemonade are examples of this general category of resources provided by nature.
What are natural resources?
Some economists consider entrepreneurship to be this specific factor of production, distinct from standard human resources.
What is the fourth factor of production?
These intermediaries help move goods through the supply chain by purchasing products in bulk from producers and selling them to retailers.
What are wholesalers?
Unlike natural resources or money, this human trait causes people to always desire more goods and services regardless of how much they already have.
What are unlimited (or endless) wants?
Natural resources officially become these types of resources the moment they are used to produce a good or service
What are economic resources?
This term refers to the people who are valued for the physical and mental work they do to produce goods and services.
What are human resources?
Some economists view entrepreneurship as a separate category, while others view it simply as one form of this economic resource.
What are human resources (or labor)?
This concept represents a business's fundamental duty to contribute positively to the overall well-being of society.
What is social responsibility?
Because resources are limited but human wants are infinite, individuals and societies must make these to decide what gets produced.
What are choices (or tradeoffs)?
According to the text, these three specific weather conditions provided by nature can be harnessed to generate electricity or satisfy human wants
What are sunshine, precipitation, and wind?
According to the text, human resources are considered our most important economic resource because they combine with other resources to perform this main function.
What is producing goods and services?
Because they are responsible for organizing, combining, and operating all other economic inputs, human resources hold this distinguished title among all factors of production.
What is our most important economic resource?