These businesses perform intangible activities to satisfy customer needs rather than selling physical goods.
What are service businesses?
A desire that requires spending money to satisfy
What is an economic want?
Along with natural and human resources, this third resource category is also limited.
What are capital goods?
The process of deciding how to obtain the greatest satisfaction from limited resources.
What is economics?
If a positive study finds that fidget spinners improve learning and attention, this happens to the demand for fidget spinners.
What is demand increases?
Farms, mines, manufacturers, and construction companies all fall under this main category of business.
What are producer businesses?
Any desire or item that requires spending money to obtain or satisfy.
What is an economic want?
: Natural resources, human resources, and capital goods all share this key characteristic.
What is being limited?
Desires for things that may or may not be necessities, categorized as either economic or noneconomic.
What are wants?
If the price of bearings—a key resource used in production—increases, this happens to the supply of fidget spinners.
What is supply decreases?
Retailers and wholesalers move goods to consumers without doing this to the actual products.
What is modifying or changing their form?
A desire that can be fulfilled completely without spending any money
What is a noneconomic want?
The main reason there are not enough resources for everyone to have as much as they want.
What is people want more resources than exist or can be produced easily?
Wants are described as this because as soon as one is satisfied, new ones develop or change over time.
What is unlimited?
If the price of Fidget cubes, a substitute good, decreases, this happens to the demand for fidget spinners.
What is demand decreases?
Businesses that supply products to retailers or other companies to use in their operations rather than selling directly to consumers
What are wholesalers (or wholesale trade businesses)?
Buying sports equipment, getting a haircut, or purchasing furniture are all examples of this type of want.
What are economic wants?
The three main classifications of resources identified as limited in the lesson.
What are natural resources, human resources, and capital goods?
Examples of these include tangible items like cell phones and intangible services like haircuts or downloadable music
What are economic wants?
If the government provides a financial subsidy to manufacturers, this happens to the supply of fidget spinners.
What is supply increases?
The three sub-types of producer businesses identified in the module.
What are raw goods producers, manufacturers, and builders/construction businesses?
Watching a sunset, talking with a friend, or lying on the grass are examples of this type of want
What are noneconomic wants?
Resources are scarce because people desire more than what can exist or be easily produced at any single point in this.
What is time?
The fundamental reason why consumers, businesses, and governments must choose which wants to satisfy
What is resources are limited while wants are unlimited?
During a recession when consumer incomes fall, this happens to the demand for a "normal good" like fidget spinners.
What is demand decreases?