EC-070
A producer is someone who
what is makes things
A characteristic of human wants is that they are
What is unlimited
Resources that enable businesses to operate are also known as
what are inputs
economic process or activity by which income is divided among
resource owners and producers
what is distribution
Quantity of a good or
service that consumers
will buy varies inversely
with the price of the
good or service
what is the law of demand
Farms, mines, and lumber companies are examples of
who are raw good producers
An economic good or service that is scarce is one that is
what is in limited supply
Using a stream to supply water for crops is an example of using
what are natural resources
the gap between unlimited wants for goods
and services and limited resources
what is scarcity
Quantity of a good or service
that producers are able and
willing to offer for sale
what is supply
A company that transforms cotton into wearable clothing is considered a
what is a manufacturer
If a good or service is scarce, consumers will usually be
what is being willing to pay money to get it.
A salesclerk working part-time at a clothing store is an example of a(n)
what is an human resource
items used to accomplish
activities, such as producing or providing
goods and services
what are resources
Quantity of a good
or service that will be
offered for sale varies
in direct relation to its
selling price
what is the law of supply
Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?
what is a builder
Economic “votes” are cast by consumers each time they
what is make a purchase
When a stove is used in a restaurant kitchen, it is a
what is a capital good
desires for things that
may or may not be necessitie
what are wants
Large supply
• Small demand
• Lower prices
Two Markets
what is a buyers market
Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a
what is a trade industry
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
what is consumer
When there is not enough of a resource available for everyone to have as much of it as desired, the resource is
what is limited
The study of how to meet unlimited,
competing wants with limited resources
what is economics
Small supply
• Large demand
• Higher prices
Two Markets
what is a sellers market