EC-070
Producers are people like...
What are Raw Goods Producers
What are Manufacturers
What are Builders
Being unlimited is a characteristic of this...
What is human wants
These are items that are used to produce goods and services.
What are economic resources
The study of how humans meet their unlimited wants is called this
What is economics
Many people wanting the same thing is referred to as this.
What is a demand
This type of industry buys and sells goods to others.
What is a trade industry
An example of an economic want is...
What is clothing
What is resources
A desire for things that may or may not be necessary
What is a want
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is
What is supply
This group performs intangible services.
What is a service business
An example of a non-economic want is...
What is a friend
Land is typically called this.
What is a natural resource
A characteristic of this is that they are unlimited, changing, and competing
What is wants
This is a characteristic of a seller's market
What is high prices
This is a business's duty to contribute to the well-being of society.
What is a social responsibility
An economic good being in limited supply is also called this.
What is scarce
People who physically work for a business are this
What is a human resource
Items used to accomplish activities
What are resources
Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to this
What is elasticity
Businesses perform their social responsibility in 2 ways.
What is maximizing profits and contributing to public interests.
Economic votes are typically cast in this way.
What is making a purchase
The act of organizing resources and accepting risk in order to obtain a profit is the defenition of this
What is entrepreneurship
What is economics
Demand for a good is more likely to be elastic when the good is
What is a luxury