EC-070
These producers provide goods in their natural, or raw states.
What is raw-goods producers?
The study of how to meet unlimited, competing wants with limited resources
What is Economics?
Resource that is found in nature and used to produce goods and services
What is a natural resource?
Desires for things that we may or may not actually require
What are wants?
The amount of money that is paid for a good, service, or resource
What is price?
People who change the shapes or forms of materials so that they will be useful to consumers
What are manufacturers?
Desires for things that may or may not be necessities
What are wants?
Items that are used to produce goods and services
What are economic resources?
You need to spend money to satisfy a want
What is an economic want?
One price compared to another
What is relative price?
Businesses that buy and sell goods to others
What are trade industries?
All of the manufactured or constructed items that are used to produce goods and services
What are capital goods?
People responsible for choosing and using the best combination of resources
Who are producers?
Can be satisfied without spending money
What are non economic wants?
States that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service
What is the law of demand?
Two main divisions of the trade industry
What are retailers and wholesalers?
The process of deciding which goods and services to purchase or provide so that the most
satisfaction can be obtained
What is economizing?
The act of organizing resources and accepting risk in order to obtain a profit
What is entrepreneurship?
Productive acts that satisfy economic wants
What are economic services?
The quantity of a good or service that will be offered for sale varies in direct relation to its selling price
What is the law of supply?
Companies perform intangible activities that satisfy the needs and wants of consumers and industrial users
What are service businesses?
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
What is opportunity cost?
There are three categories of economic resources
People who use goods and services
Who are consumers?
The point at which the quantity supplied is equal to the quantity demanded
What is equilibrium?