EC-070
Social responsibility should be part of the objectives of __________ businesses.
All
_________ refers to a desire for something that may or may not be required or may not actually be required
Want
what is Resources that enable businesses to operate are also known as
Inputs
In our world, people have ______ wants but limited resources
Unlimited
The quantity of a good or service that consumers are ready to buy at a given price at a particular time is known as
Demand
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating _______________
Social Responsibility
what are Industrial goods that are constantly being purchased and used up in the operation of a business
Supplies
Natural resources, human resources, and _________ are often referred to as factors of production.
Capital goods
What is the study of economics is basically about what two things?
People and choices
Three factors necessary for demand to exist are: desire for a product, buying power to pay for the product and
What do service businesses sell?
Intangible Activity
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
Consumer
what is the economic resources that is responsible for combining the other resources to produce goods and services?
Human resources
StartFragment _______ wants are desires for items that can only be obtained by spending money. EndFragment
economic
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
supply
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
a safe, securing way
A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?
parts
what is Offering higher wages, employee assistance programs, and benefits are responses to limited
Human resources
A gap between unlimited wants and limited resources creates-
scarcity
An indication of how changes in price will affect changes in the amounts demanded and supplied is known as __________.
elasticity
Businesses demonstrate social responsibility in two ways—by contributing to public interests and _________
By maximizing their profits
How would a business’s computers be classified?
Equipment
_______ are items that are used to produce goods and services.
Economic Resources
The ultimate goal of all economic activity is:
consumption
When the best time to buy products is at reduced prices, then a _____ exists
buyers