EC-070
A producer is someone who
make things
A characteristic of human wants is that they are
unlimited
Stock of goods
inventory
The process of trading one good/service for another
exchange
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
demand
The two main divisions of the trade industry are
wholesalers and retailers
An example of a noneconomic want would be the desire for
a friend
When producers use the best combination of resources, consumers are more likely to get goods and services that
they want
Anyone who uses goods and services
consumer
Cash and credit a consumer has available to spend
Consumer buying power
Businesses in trade industries that offer discount prices usually offer
limited services
If a good or service is scarce, consumers will usually be
willing to pay money to get it
When two employees share the responsibility for one full-time position
Shared time
A desire for something that can be satisfied without spending money
Noneconomic want
The amount of money available
Buying power
Businesses can show their social responsibility by contributing to
public interests
Producers respond to consumers’ positive economic “votes” by
increasing production
A term used to refer to individuals who were born between the years 1981 and 1995; also known as millennials
Generation Y
The process or activity of using goods and services
Consumption
An indication of how changes in price will affect changes in the amounts demanded and supplied
Elasticity
the 3 types businesses in NC
producer, trade, and service
Why do marketers classify goods and services?
To aid in marketing planning
Information used to describe a population
Demographics
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
Opportunity cost
The point at which the quantity supplied is equal to the quantity demanded
Equilibrium