EC-070
Raw-goods producers, Manufacturers, Builders
What are examples of producers?
desires for things that may or may not actually be required
What are wants?
Items that are used to produce goods and services
What are economic resources?
The study of how to meet unlimited, competing wants with limited resources
What is economics?
Desire for a good or service, buying power to pay for a good or service, willingness to give up some buying power
What conditions need to exist for demand to be present?
A duty to contribute to the well-being of society
What is social responsibility?
can be satisfied without spending money
What are noneconomic wants?
natural resources, human resources, capital goods
What are the categories of economic resources?
Unlimited, Changing, Competing
What are the characteristics of wants?
The 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?
Buy and sell goods to others, don’t modify or change products, can be retailers or wholesalers
What are trade industries?
physical (tangible), useful, scarce (limited), and transferable
What are the qualities of an economic good?
Any resources found in nature that are used to produce goods and services
What are natural resources?
increasing global population, difficulty or cost of obtaining them, lack of technology, finite supply, weather conditions, the environment
What limits natural resources?
Quantity of a good or service that producers are able and willing to offer for sale
What is the law of supply?
Includes categories such as private education, business services, and transportation
What are service businesses?
Communicate wants by purchasing or not purchasing
What are Consumers?
Land, minerals, bodies of water, air
What are some examples of natural resources?
Willingness and ability to work, worker shortages in certain professions
What limits human resources?
The supply of a good or service will increase when the demand is great and decrease when demand is low.
What is the law of supply and demand?
Product users, the community, employees, and the company itself
Who benefits from social responsibility?
Must make sure they produce what consumers want
What are producers?
People who work physically and/or mentally to produce goods and services
What are human resources?
available labor and natural resources, available money for purchasing, lack of technology
What limits capital goods?
Buyers and sellers
What are the 2 markets?