EC-070
A producer is someone who
What is, make things
A condition resulting from the gap between limited resources and unlimited wants for goods and services
What is scarcity
Resources that enable businesses to operate are also known as
What is a input
A characteristic of human wants is that
What is unlimited
the quantity of a good or service that buyers are ready to buy at a given price at a particular time
What is demand
A company that transforms cotton into wearable clothing is considered a
Giving up all or part of one thing to get something else
What is the trade-off
When producers use the best combination of resources, consumers are more likely to get goods and services that
What is they want
Sugar and flour that are purchased to make baked goods are classified as
What is materials
the point at which the quantity supplied is equal to the quantity demanded
What is equilibrium
The two main divisions of the trade industry are
What are wholesalers and retailers
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
What is opportunity cost
Using a stream to supply water for crops is an example of using
What is natural resources
Cash register tapes and shipping forms used by a business would be classified as industrial
What is supplies
economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
What is law of demand
Service Businesses sells what
What is intangible activities
The process of trading one good/service for another
What is exchange
A salesclerk working part-time at a clothing store is an example of a(n)
What is a human resource
An example of an economic want
What is clothing
the best time for producers to sell; characterized by large demand, small supply, and high prices
What is seller's market
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
What is a safe, secure work environment
The study of how to meet unlimited, competing wants with limited resources
What is economics
Which of the following economic resources is responsible for combining the other resources to produce goods and services
what is human resources
Example of a non-economic want
What is a friend
the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
What is supply