EC-011
When demand is high and supply is low, prices usually go
up
Economic wants require you to spend ______ to satisfy them
money
Economic resources are also known as ______ of production.
factors
Economics is the study of how to meet unlimited wants with ______ resources.
limited
Businesses that sell goods without changing them are part of the ______ industy
trade
A ______ market happens when there is a large supply and small demand.
buyer’s
Economic goods must be physical, useful, scarce, and ______.
transferable
People who work physically or mentally to produce goods and services are called ______ resources.
human
A person who uses goods and services is called a ______.
consumer
A business that performs intangible activities like education or transportation is called a ______ business.
service
The quantity of a good consumers will buy varies ______ with its price.
inversely
Economic services are intangible acts that satisfy ______ wants.
economic
Capital goods are created by people and help make production more ______.
productive
The benefit lost when choosing one option over another is called ______ cost.
opportunity
Raw-goods producers, manufacturers, and builders are all types of ______.
producers
Producers are willing to offer more goods for sale when the ______ is higher.
price
Consumer goods are purchased and used by the ultimate ______.
consumer
Entrepreneurship involves organizing resources and accepting ______ to earn a profit.
risk
The four basic economic activities are consumption, production, exchange, and ______.
distribution
Businesses serve society by maximizing profits and contributing to ______ interests.
public
Demand is considered ______ when it changes based on price changes.
elastic
Products that are purchased for resale or business use are classified as ______ goods.
industrial
Natural resources are limited due to overuse, cost, and lack of ______.
technology
The circular movement of resources, goods, services, and money payments is known as ______.
exchange
The duty of a business to support the well-being of society is called ______ responsibility.
social