EC-070
A company that transforms cotton into wearable clothing is considered a ___
Manufacturer
___ refers to a desire for something that may or may not be required or may not actually be required
want
Resources that enable businesses to operate are also known as
inputs
The study of economics is basically about what two things?
people and choices
Some products are used together. These products would be known as
complementary products
Emilia works for a company that constructs houses and business facilities.Which type of producer does she work for?
Industrial goods and services are purchased by ___ for resale, to make other goods and to use in business operations
producers
This is a computer, What kind of resource is this an example of?
capital
n our world, people have ______ wants but limited resources
unlimited
The point at which quantity supplied is equaled to quantity demanded
equilibrium
These businesses don't modify or change products, they simply move goods from producers to customers
Trade industries
Industrial goods that are constantly being purchased and used up in the operation of a business
This is a hair dresser, What kind of resource is this?
human
A gap between unlimited wants and limited resources creates:
scarcity
When demand is low:
prices decrease and supply decrease
Retailers sell to consumers, while wholesalers sell to ____
Other customers
If a good or service is scarce, consumers will usually be
interested in paying money to buy it
Natural resources, human resources, and _________ are often referred to as factors of production.
capital goods
Capital goods are the items that are used to produce goods and services. This can include __
buildings
The economic principle which states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service is known as
law of demand
A socially responsible business will attempt to give customers:
The best products at the best prices.
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
consumer
Offering higher wages, employee assistance programs, and benefits are responses to limited
human resources
You decide to watch YouTube videos instead of playing video games. This is referred to as:
opportunity cost
An economic principle that states that the quantity of a good or service that will be offered for sale varies in direct relation to its selling price is known as
law of supply