EC-070
This type of business sells activities or work rather than physical products.
What is a service business?
This refers to a desire for something that may or may not actually be required.
What is a want?
Natural resources, human resources, and capital goods are collectively known by this term because businesses use them to operate.
What are inputs?
Economics is basically the study of these two things.
What are people and choices?
This is the quantity of a good or service that consumers are ready to buy at a given price and time.
What is demand?
Businesses that buy products and resell them without significantly changing them belong to this industry.
What is the trade industry?
A student buys a laptop to use for homework. Because it is purchased for personal use, it is classified as this type of good.
What is a consumer good?
A computer used by a business belongs to this category of economic resource.
What is a capital good?
The gap created because people have unlimited wants but limited resources is known as this.
What is scarcity?
This occurs when the quantity supplied equals the quantity demanded.
What is equilibrium?
A business donating money to a community charity is demonstrating this responsibility to society.
What is social responsibility?
These consumer goods are purchased quickly and without much thought or effort.
What are convenience goods?
These resources are required in the production of all goods and services and are responsible for combining other resources.
What are human resources?
Buildings, equipment, and machinery used to produce goods and services belong to this type of economic resource.
What are capital goods?
According to this economic principle, the quantity consumers will buy varies inversely with the price of a product.
What is the law of demand?
These businesses obtain raw materials from nature, such as farms, fisheries, and lumber companies.
What are raw-goods producers?
A shopper compares prices, features, deals, and reviews on several TVs before buying one. The TV is this type of consumer product.
What is a shopping good?
A company offering higher wages, benefits, and employee assistance programs is responding to a limited supply of this resource.
What are human resources?
Choosing to watch YouTube instead of playing video games means the video games you gave up represent this.
What is opportunity cost?
When demand stays relatively constant even when the price changes, this type of demand exists.
What is inelastic demand?
Retailers sell directly to consumers, while these trade businesses usually sell products to retailers or other businesses.
What are wholesalers?
Bolts purchased by a car manufacturer become part of the finished automobiles without additional processing, making them this type of industrial good.
What are component parts?
When a company designs robotic technology to perform jobs normally completed by people, it is using this method as an alternative to limited human resources.
What is automation?
Every society must decide what to produce, how to produce it, and this third basic economic question.
What is how the products will be allocated?
A market with a large supply, low demand, and lower prices is known by this term.
What is a buyer's market?