EC-070
Someone who makes things
What is a producer?
The two things that the study of economics is about
What is people and choices?
Resource that enables businesses to operate
What is inputs?
They are unlimited and will keep changing
What is wants?
When demand is low
What is price and supply decreases?
Businesses contributing to public interests
What is social responsibility?
Things our wants can be described as
What is unlimited, changing, and competing?
Being able to choose what hours in a week to work
What is Flextime?
The desire for a friend
What is a noneconomic want?
A useful product that will satisfy a customers wants or needs
What is utility?
Sold by service businesses
The ultimate goal of all economic activity
What is consumption?
higher wages, employee assistance programs, and benefits in response to:
Producers response to consumers positive economic votes
What is Increased production?
The point at which quantity supplied is equaled to quantity demanded
What is equilibrium?
Goods are sold to them when retailing takes place
What is the Ultimate Consumer?
Involves giving up all or part of something to get something else
What is Trade-offs?
Economic resource that helps people be more productive
What is Capital Goods?
Determines whether a product is an industrial or consumer product
What is who buys and uses the product?
When demand is great
What is Prices and supply increases?
Operated from a variety of Business Premises
What is wholesale trade businesses?
Created by a gap between unlimited wants and limited resources
What is Scarcity?
Economic resource that is responsible for combining the other resources to produce goods and services
What is Human Resources?
A dishwasher found in news paper ads
What is a shopping product?
What a buyers market is characterized by
What is Large supply, Small demand, low prices?