EC-070
People who make or provide goods and services
What are Producers?
Desires for things that we may or may not actually require
What is a Want?
Items that can be used to produce goods
and services
What are Economic Resources?
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
What are Opportunity Costs?
Demand exists if the demand for a good or service is constant
What is Inelastic?
People who change the shapes or forms of materials so that they will be useful to consumers
What are Manufacturers?
Wants that can be satisfied without spending money
What is Nonecomonics wants?
Any resource that is found in nature and used to produce goods and services
What are Natural Resources?
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
An indication of how changes in price will affect changes in the amounts demanded and supplied
What is Elasticity?
businesses that buy and sell goods to others
There is not enough of it for anyone and everyone to freely have as much as they want
What is Scarce?
The supply of natural resources running out.
What are Nonrenewable resources?
People who work to produce goods and services
What are Human Resources?
The price of a product is low because there is a large supply and a small demand
What is the Seller's Market?
Perform intangible activities that satisfy the needs and wants of consumers and industrial users
What are Service Businesses?
Anyone who personally uses a good or service to satisfy their own wants
What is a Consumer?
Manufactured or constructed items that are used to produce goods and services
What are capital Goods?
The process of trading one good/service for another
What is exchange?
The price of a product is low because there is a large supply and a small demand
What is the Buyer's Market?
Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers
What are Wholesalers?
The people who make or provide goods and services
What is a Producer?
Products produced for personal consumption
What are Consumer Goods and Services?
The process of deciding which goods and services to purchase or provide so that the most satisfaction can be obtained
What is Econimizing?
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?