EC-070
Someone who makes things
What is a producer
How would a business’s computers be classified?
What is equipment
Items in their natural state or condition
What are natural resources
Anyone who uses goods and services
What is a consumer
The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
What is supply
This producer constructs roads, bridges, buildings, houses, etc.
What is Builder
Sugar and flour that are purchased to make baked goods are classified as
What is materials
A term used to refer to individuals who were born between the years 1946 and 1964
What are baby boomers
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
What is a service
The amount of money available
What is buying power
The two main divisions of the trade industry
What is wholesailers and retailers
A characteristic of human wants is that they are
What is unlimited
When a stove is used in a restaurant kitchen, it is a
What is a capital good
A desire for something that can be satisfied without spending money
What is a non-economic want
The point at which the quantity supplied is equal to the quantity demanded
What is equilibrium
A business that buys consumer goods or services and sells them to the ultimate consumer
What is a Retailer
Bread for a family would best be classified as a(n) __________ product.
What is convenience
Natural resources that may become entirely depleted; natural resources that cannot be replenished after use
What are nonrenewable resources
A condition resulting from the gap between limited resources and unlimited wants for goods and services
What is scarcity
A form of demand for products in which changes in price correspond to changes in demand
What is elastic demand
The duty of business to contribute to the well-being of society
What is Social responsibility
Anyone who personally uses a good or service to satisfy their own wants
What is the ultimate consumer
Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring baby boomers. This is an example of a change in
What is workforce demographics.
The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained, and deciding how scarce resources will be used
What is economizing
Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
What is the law of supply and demand