EC-070
A socially responsible business will attempt to give customers:
What is: the best products at the best prices
WHICH OF THE FOLLOWING IS AN EXAMPLE OF AN ECONOMIC WANT
WHAT IS: CLOTHING
This is a hair dresser, What kind of resource is this?
What is: Human
The study of economics is basically about what two things?
What is: People and Choices
When demand is great:
What is: Price increase and supply increases
What do service businesses sell?
What is: Intangible Activity's
A STUDENT PURCHASED A LAPTOP TO USE FOR HOMEWORK ASSIGNMENTS, IN ECONOMIC TERMS, THIS COMPUTER WOULD BE CLASSIFIED AS A(N) ______ GOOD.
WHAT IS: CONSUMER GOOD
Weather conditions can most directly affect the supply of:
What is: Natural Resources
You want to hang out with your friend after school. This would be called a ____
What is: Noneconomic want
Which of the following is a characteristic of a seller's market?
What is: High prices
A company that transforms cotton into wearable clothing is considered a ___
What is: Manufacturer
CONSUMER GOODS AND SERVICES PURCHASED QUICKLY AND WITHOUT MUCH THOUGHT OR EFFORT.
WHAT IS: CONVENIENCE GOOD
A truck driver and an high-level operations manager would both be considered a human resources
What is: True
Capital goods are the items that are used to produce goods and services. This can include __
What is: Buildings
Advances in technology have led to a(n) ___ in the supply of some products
What is: Decrease
Emilia works for a company that constructs houses and business facilities.Which type of producer does she work for?
What is: A builder
SUSAN IS WILLING TO PAY A HIGH PRICE FOR THE BRAND OF CHINA THAT SHE WANTS FOR HER HOME. THIS CHINA WOULD BE CLASSIFIED AS A ______ PRODUCT
WHAT IS: SPECIALITY PRODUCT
Human resources create and use _______ to transform natural resources from their less satisfying original state to products that better satisfy consumers
What is: Capital Goods
_____ involve giving up all or part of one thing to get something else.
What is: Trade-offs
Three factors necessary for demand to exist are: desire for a product, buying power to pay for the product and
What is: Willingness to exchange buying power
Businesses demonstrate social responsibility in two ways—by contributing to public interests and ___
What is: Maximizing products
INDUSTRIAL GOODS THAT BECOME PART OF A FINISHED PRODUCT WITHOUT ANY ADDITIONAL PROCESSING.
WHAT IS: PARTS
A company designs robotic technology that can perform human job functions. This is known as ____ and can be an alternative to limited human resources
What is: Automation
____ is the process or activity by which income is divided among resource owners and producers
What is: Distribution
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
What is: The law of demand