EC-070
An integral part of our society and our daily lives
What is Business
Anyone who uses goods and services
What is a Consumer
When something is Limited
What is Scarce
People who work physically and/or mentally to produce goods and services
What are Human Resources
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
What is Demand
Raw-goods producers, manufacturers, or builders.
What are Producers
Tangible objects that can be manufactured or produced for resale
What are Goods
A desire for something that may or may not be required
What is a want
Items that are used to produce goods and services.
What is Economic Resource
Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
What is Law of Demand
Duty to contribute to the well-being of society
What is Social Responsibility
Items found in the environment that are used to produce goods and
services.
What are Natural Resources
Capable of being touched, smelled, tasted, seen, or heard; physical
What is tangible
Oil, coal, and natural gas
What are Fossil Fuels
The point at which the quantity supplied is equal to the quantity demanded
What is Equilibrium
Change the shapes or forms of materials so that they will be useful to consumers
What are Manufacturers
In economics, they are valued for the physical and mental work that they do to produce goods and services
What are Human Resources
Items in their natural state or condition
What are Raw Materials
Any resource that is found in nature and used to produce goods and services
What is Natural Resource
The best time for consumers to buy; characterized by large supply, small demand, and low prices
What is Buyers Market
Build roads, bridges, schools, hospitals, houses, office buildings, places of worship
What are Builders
All of the manufactured or constructed items that are used to produce goods and services
What are Capital Goods
Tangible objects that can be manufactured or produced for resale
What are Goods
Supply of natural resources running out
What is Nonrenewable Resource
Usefulness; capable of satisfying wants and needs
What is Utility