Supply or Demand
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
What is demand.
When less expensive substitutes for a product are readily available, then demand for that product is likely to be more
What is elastic.
These are desires for things that can only be obtained by spending money, such as a new pair of shoes.
What are Economic Wants
Human wants are described as this, because as soon as one is satisfied, another usually takes its place.
What is Unlimited?
Unlike a physical laptop, an economic activity like a hairsuit or a laundry service is classified as this because it is intangible.
What is an Economic Service
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is
What is supply.
Is Batman DC or Marvel?
DC
This term describes an economic good or service that is in limited supply, often making consumers willing to pay more for it.
What is Scarcity
These "votes" are cast by consumers every time they pull out their wallets to buy a product.
What are Economic Votes
This is the "Golden Rule" for classification: It isn't the price or the origin that matters, but rather who buys the product and for what purpose.
What is Who buys and uses the product
When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of
What is supply.
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A restaurant's purchase of a laundry service is classified as this type of "product" because it is used for business operations.
What is an Industrial Service?
Producers generally respond to a high number of positive consumer "votes" by doing this to their production levels.
What is Increasing Production
These high-cost, long-lasting industrial items, like a factory's assembly line, are used to produce other goods.
What are Installations
The price of complementary products has an effect on
What is demand.
Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?
What is Inelastic.
This specific classification is given to consumer goods like bread or milk that are purchased quickly and with very little thought.
What is an Industrial Service
Marketers classify goods into groups like "Shopping" or "Specialty" primarily to help with this type of planning.
What is Marketing Planning
While a hammer is equipment, items like cash register tape or shipping forms that are used up quickly are called this.
What are Supplies
Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?
What is The price will increase, and supply will increase.
Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is
What is elastic.
In industrial terms, sugar and flour used by a bakery are called materials, but the bolts used to build a car are called this.
What are Parts
While a dishwasher is a "Shopping" good, this type of product has unique characteristics that make Susan willing to pay a much higher price.
What is a Specialty Product
This specific type of industrial good is used in the operation of a business but is not part of the actual production of the final product.
What is Equipment?