EC-070
This type of business makes the original resources that manufacturers use
What is a raw good producer
A type of want that requires money being spent
What is an economic want
The type of resource found in nature, not man-made
What is natural resources
This is the main focus of the study of economics
What is decision making
As demand increases, this goes up to create the equilibrium
What is supply
This type of business makes the products that the ultimate consumers buy
What is a manufacturer
These are intangible activities sold to consumers
What are services
This is the term used when there is a limited quantity of a good or resource
What is scarcity
This term means to make the most efficient decisions with the resources available
What is economize
This measures how much people will buy
What is demand
This type of business sells directly to the ultimate consumer
What is a retail business
A want that does not require you to spend money
What is a non-economic want
This is the global crisis going on because of greenhouse gases
What is global warming
This is what you lose when making a choice
What is oppurtunity cost
This measures how much of a product is available
What is supply
This term refers to businesses doing what is right for their consumers
What is social responsibility
This type of good is used in the production of other goods
What is an industrial good
This is the ability for someone to buy something
What is buying power
Not being able to study because you went out with your friends is an example of this
What is opportunity cost
This is the x-axis on a supply-demand graph
What is quantity
These businesses sell intangible activities
What are service businesses
Eventually, all products end up being sold to this person
What is the ultimate consumer
What happens to the price when a resource becomes unlimited
What is decreases
This is a demand that won't change during price changes
What is inelastic demand
This is the y-axis on a supply-demand graph
What is price