EC-070
What do producers do?
Producers oversee creative projects like films and TV shows from development to release, managing finances, schedules and creative teams to ensure the project is completed.
What are economic wants?
Economic wants are desires for items that can only be obtained by spending money
What are economic resources?
Economic resources are the scarce inputs including, land, labor, capital, and entrepreneurship- used to produce goods and services.
What are wants?
Thing that improve your quality of life but are not essential for survival.
What is utility?
What is social responsibility?
Social responsibility is the ethical commitment to act in a way that benefits society and the environment.
What is economizing
Its the process of deciding which goods and services to purchase or provide so that the most satisfaction can be obtained.
Why are human resources limited?
Due to factors like the supply and demand for skills, the time and cost required to develop talent and inherent human limitations.
What are industrial products?
What is the price of goods and other services?
Its he amount of money a buyer pays for them, which is determined by the forces of supply and demand in a market, are influenced by production costs, location and economic factors.
Why are manufactures important?
They create jobs, drive economic growth, and are crucial for innovation, technological advancements, and national security.
Consumption, Production, Exchange, Distribution.
Why are human resources our most important economic resource?
They are the source of labor, innovation, and the ability to transform other resources into valuable goods and services.
Describe the four characteristics of an economic service.
Intangibility (they cant be touched or seen) Inseparability, production and consumption happen simultaneously.
Why do consumers have a effect on demand?
Consumers directly impact demand through their spending power and decisions to purchase goods and service, which is influenced by their income tastes, preferences and expectation.
How do certain trade industries differ from each other?
They offer their ownership structure, the level of service they provide to customers, their pricing strategies, and the type of business premises they use.
What is the difference between consumer and consumption.
A consumer is a person or group who uses goods and services, while consumption is the act of using these good and services.
Why are economic resources also known as factors of production?
they are fundamental inputs- namely land, labor, capital and entrepreneurship that a business or economy uses to produce goods and services.
Describe the relationship of consumers and procedures to the economy.
Utility(usefulness), scarcity, transferability can be convoyed to others and intangibility not a physical object.
What is supply or not to supply?
A strategic decision a producer makes regarding their production levels to meet fluctuating consumer demand.
How do business demonstrate social responsibility?
Business demonstrate social responsibility by engaging in environmental sustainability(like reducing emissions), ethical labor practices such as fair wages and safe conditions.
What is the difference between Production and Distribution?
Production creates products and services, transforming inputs like labor and materials into finished goods, while distribution ensures these products reach consumer by making them available through channels like retailers or direct sales.
What impact does technology have on capital goods?
Increasing their productivity and efficiency, leading to higher output and economic growth.
Why do marketers classify products as either consumers or industrial?
To tailor strategies to distinct target audience.
What is the difference between demand and quantity demand?
Demand is the entire relationship between the various quantities of a good service consumers are willing and able to buy a different prices, represented by the whole demand curve. Quantity demanded is the specific amount consumers will buy at one particular price represented as a point on that demand curve.