EC-070
This type of service is provided by a service business
What is intangible?
Consumers and producers have an impact
What is economy?
Items are used to produce goods and services
What are economic resources?
Members of society are dependent upon each other
What is the desire for goods, services, and resources?
What is supply and demand?
The word that producers, trade industries, and service businesses describe.
What is business?
Spending money to satisfy a want
What is economic want?
Items in nature are used to produce goods and services
What are natural resources?
Demand, supply, and productivity impact the value of a good
What is momentary value?
Some products will satisfy a customer's wants or needs
What is utility?
Trade industries include two types
What are retailers and wholesalers?
A tangible, useful, scarce, and transferable item
What is economic good?
Some resources can't be replenished after use
What are nonrenewable resources?
People consume, produce, exchange, and distribute
What is the movement of goods, services, and resources?
Consumers can and can't buy certain things depending on how much money they have
What is buying power?
Producers are split into three different categories
What are builders, manufacturers, and raw-goods producers?
People buy consumer goods and services
What is ultimate consumer?
People work to create goods and services
What are human resources?
Individuals or entities must be willing to give up something in order to obtain something else
What are trade-offs?
People make purchases based on their living conditions
What is the standard of living?
Businesses use two methods to demonstrate social responsibility
What are contributing to public interests, and maximizing profits?
Goods and services are purchased to make other goods and services
What is Industrial?
Money is used to operate businesses
What is financial capital?
Benefits are lost when scarce resources are used
What is opportunity cost?
If consumers think a price will change, they may have more or less demand for an item
What are consumer expectations?