Goods and Services
___ refers to a desire for something that may or may not be required or may not actually be required
what is want?
Resources that enable businesses to operate are also known as
what is inputs?
Social responsibility should be part of the objectives of __________ businesses.
what is all?
What is the study of economics is basically about what two things?
What is people and choices?
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 known as
What is supply?
Industrial goods that are constantly being purchased and used up in the operation of a business
what is Supplies?
What kind of resource is a computer an example of?
what is capital?
What do service businesses sell?
What is intangible activities?
In our world, people have ______ wants but limited resources
what is unlimited?
The quantity of a good or service that consumers are ready to buy at a given price at a particular time is known as
What is demand?
If a good or service is scarce, consumers will usually be
what is interested in paying money to buy it?
What kind of resource is a hairdresser?
what is human?
A company that transforms cotton into wearable clothing is considered a ___
What is manufacter?
Capital goods are the items that are used to produce goods and services. This can include __
what is buildings?
When the demand is so great that customers will buy regardless of high prices, a(n) __________ market exists
what is sellers?
Economic “votes” are cast by consumers each time they:
what is make a purchase?
Offering higher wages, employee assistance programs, and benefits are responses to limited
what is human resources?
Emilia works for a company that constructs houses and business facilities.Which type of producer does she work for?
What is a builder?
A gap between unlimited wants and limited resources creates:
what is scarcity?
If the demand for a good or service is constant regardless of its price, __________ demand exists.
what is inelastic?
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
what is consumer?
Which economic resource is responsible for combining the other resources to produce goods and services?
what is natural resources?
Producers, trade industries and ___ are three broad categories that cover all types of businesses
what is service businesses?
You decide to watch YouTube videos instead of playing video games. This is referred to as:
What is opportunity cost?
A product that has ___ (or is useful or needed) will satisfy a customer's wants and needs
what is utility?