EC-070
What do service businesses sell?
intangible activities
___ 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
The quantity of a good or service that consumers are ready to buy at a given price at a particular time is known as
Demand
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating __
social responsibility
You check for deals and customer reviews on various models of TVs before making a purchase. This consumer product is called a ___
Shopping Product
Capital goods reflect the state of ________ that exists in society. For example, Industrialized societies would use the most up-to-date and modernized capital goods
Technology
StartFragment____ is the process or activity by which income is divided among resource owners and producersEndFragment
Distribution
Factors that affect a product’s elasticity include:
All of these are correct
These businesses don't modify or change products, they simply move goods from producers to customers
Trade industries
Industrial goods that become part of a finished product without any additional processing
parts
Why are natural resources limited
All of these are correct
StartFragmentOne thing natural resources, human resources, and capital goods have in common:EndFragment
They're all limited
When demand is great:
Prices increase and supply increases
Who benefits from businesses practicing social responsibility?
All of these are correct
An example of a noneconomic want would be the desire for
A friend
Human resources create and use _______ to transform natural resources from their less satisfying original state to products that better satisfy consumers
Capital Goods
Two factors involved in determining the value of a resource, good, or service - 1. Demand and 2. ______
Availability
When demand is low:
Prices decrease and supply decreases
Retailers sell to consumers, while wholesalers sell to ____
Other businesses
Which is an example of a service?
Having your hair cut
_______ are items that are used to produce goods and services
Economic Resources
_____ involve giving up all or part of one thing to get something else.
Trade-offs
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