EC-070
What do service businesses sell?
What are intangible activities?
In our world, people have ______ wants but limited resources
What is unlimited?
Weather conditions can most directly affect the supply of:
What are Natural Resources
___ refers to a desire for something that may or may not be required or may not actually be required
What is want?
Some products are used together. These products would be known as
What are Complementary Products?
Emilia works for a company that constructs houses and business facilities. What type of producer does she work for?
What are builders?
You want to hang out with your friend after school. This would be called a ____
What is a non economic want?
Resources that enable businesses to operate are also known as
What are inputs?
Which of the following is an example of an economic want?
What is clothing?
When demand is great:
What is it when prices increase and supply increases?
Producers, trade industries and ___ are three broad categories that cover all types of businesses
What are service businesses?
A gap between unlimited wants and limited resources creates:
What is scarcity?
This is a computer, What kind of resource is this an example of?
What is capital?
Which of the following is an industrial good?
What is receipt paper?
The quantity of a good or service that consumers are ready to buy at a given price at a particular time is known as
What is Demand?
Businesses demonstrate social responsibility in two ways—by contributing to public interests and ___
What is maximizing their profits?
The ultimate goal of all economic activity is:
What is consumption?
This is a hair dresser, What kind of resource is this?
What are human resources?
Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product
What is speciality?
The economic principle which states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service is known as
What is Law of Demand?
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
What is a safe, secure working environment?
StartFragment_____ is the process of trading one good/service for anotherEndFragment
What is exchange?
All of the following would be capital goods EXCEPT
What is fuel?
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?
What are parts?
An economic principle that states that the quantity of a good or service that will be offered for sale varies in direct relation to its selling price is known as
What is Law of Supply?