EC-070
People who make or provide goods and services
what is a producer?
If you need to spend money to satisfy a want, it is considered
what is an economic want?
Any resource that is found in nature and used to produce goods and services
what are natural resources?
the study of how to meet unlimited, competing wants with limited resources
what is economics?
that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service
what is demand?
Since very few materials are actually used in their raw states, we rely on
what is a manufacturer?
Wants that can be satisfied without spending money are known as
what are non-economic wants?
items that are used to produce goods and services?
what are economic resources?
desires for things that may or may not be necessities
what are wants?
the 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?
businesses that buy and sell goods to others
what are trade industries?
The “things” that people buy to satisfy their economic wants are called
what are goods and services?
responsible for choosing and using the best combination of resources
who are producers?
are desires for items that can only be obtained by spending money
what are economic wants?
that 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?
supplies the goods that will be sold to retailers or used by businesses in their operations
who are wholesalers?
you must be able to feel, smell, taste, see, or hear it?
what is a tangible object?
resources are usually divided into three categories: natural resources, human resources, and capital goods
what are factors of production?
desires for things that can be obtained without
money
what are non-economic wants?
the price of a product is low because there is a large supply and a small demand
what is a buyers market?
performs intangible activities that satisfy the needs and wants of consumers and industrial users
what are service businesses?
productive acts that satisfy economic wants
what are economic services?
valued for the work they do to produce goods and services
what are human resources?
all of the manufactured or constructed items that are used to produce goods and services
what are capital goods?
the point at which the quantity supplied is equal to the quantity demanded
what is equilibrium?