EC-070
A producer is someone who?
Makes things.
A characteristic of human wants is that they are?
Unlimited
Resources that enable businesses to operate are also known as?
Inputs
Into what two categories can wants be divided?
Economic and noneconomic
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?
supply
Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?
A builder
Why do marketers classify goods and services?
To aid in marketing planning
When a stove is used in a restaurant kitchen, it is a?
Capital good
Seeing a movie at a theater would be considered a(n) __________ want.
Economic
When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of?
Supply
A company that transforms cotton into wearable clothing is considered a?
manufacturer
Producers respond to consumers’ positive economic “votes” by?
increasing production.
When producers use the best combination of resources, consumers are more likely to get goods and services that?
they want.
Friendship would be considered a(n) __________ want.
noneconomic
Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?
The price will increase, and supply will increase.
Retailing takes place whenever goods are?
sold to the ultimate consumer.
If a good or service is scarce, consumers will usually be?
willing to pay money to get it.
A salesclerk working part-time at a clothing store is an example of a(n)?
human resource.
Water and air are examples of __________ resources, while people are considered to be __________ resources.
natural; human
Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to?
elasticity
The two main divisions of the trade industry are?
wholesalers and retailers.
Economic “votes” are cast by consumers each time they?
make a purchase.
Offering higher wages, employee assistance programs, and benefits are responses to limited?
human resources.
In economics, capital goods include
buildings and equipment.
Demand for a good is more likely to be elastic when the good is?
a luxury