EC-070
Social responsibility should be part of the objectives of __________ businesses.
All
Economic goods must be
Physical (tangible)
Useful
Scarce (limited)
Transferable
Alternative resource
A resource that can be used in place of another
Anyone who uses goods and services
Consumer
The amount of money available
Buying power
What do service businesses sell?
Intangible activities
Industrial goods and services—purchased
by producers:
For resale
To make other goods and services
To use in business operations
Baby boomers
A term used to refer to individuals who were born between the years 1946 and 1964
Noneconomic want
A desire for something that can be satisfied without spending money
A form of demand for products in which changes in price correspond to changes in demand
Elastic demand
A company that transforms cotton into wearable clothing is considered a ___
Manufacturer
Define wants
Wants—desires for things that may
or may not actually be required
Fossil fuels
Nonrenewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals
A condition resulting from the gap between limited resources and unlimited wants for goods and services
Scarcity
The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services
Cost of production
Producers, trade industries and ___ are three broad categories that cover all types of businesses
Service Businesses
People who make or provide goods and services are
Producers
Nonrenewable resources
Natural resources that may become entirely depleted; natural resources that cannot be replenished after use
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
Opportunity cost
Products that are used together
Complementary goods
Retailers sell to consumers, while wholesalers sell to ____
Other businesses
Businesses that buy and sell goods to others
Trade industries
Flextime
A scheduling procedure in which employees select their own working hours as long as they work the required number of hours
People who work to produce goods and services
Human resources
Items that can be used in place of others
Substitute goods