Ec-070
What is a producer?
A term for an individual or company that creates goods or services for sale.
this adjective describes the fundamental nature of human wants, distinguishing them from the scarcity of resources.
What is Unlimited
Resources that enable businesses to operate, typically categorized as land, labor, capital, and entrepreneurship, are also known by this two-word economic term.
What are the factors of production?
Economics 101 $400: Economists classify items that are so abundant they can be obtained without effort or money, like unpolluted air or sunlight, as these.
What are free goods?
This type of market, characterized by large supply, small demand, and low prices, is the best time for consumers to buy.
What is a buyer's market?
What are raw-goods producers?
Farms, mines, and lumber companies are examples of these types of producers.
A want that is intangible and not satisfied by a good or service that can be bought, such as the desire for a friend.
What is a noneconomic want?
When producers use the best combination of resources, consumers are more likely to get goods and services that they want because production is characterized by this key economic term.
What is efficient
In economics and human resources, this factor of production refers to the work time and effort that people devote to producing goods and services.
What is Labor?
The total amount of money a business spends on materials, labor, taxes, and other expenses to create economic goods and services is known as this.
What is the Cost of Production?
What is a manufacturer?
A company that transforms cotton into wearable clothing is considered this
An economic good or service that is scarce is one that is in this condition.
What is limited supply?
A salesclerk working part-time at a clothing store is an example of this category of organizational assets, representing the people who contribute their skills, knowledge, and effort to the business.
What is human resource?
This benefit is lost when scarce resources are chosen for one purpose over another, representing the value of the next-best alternative.
What is opportunity cost
This type of product demand is defined by a significant change in the quantity demanded following even a small change in price.
What is Elastic Demand?
Emilia works for a company that constructs houses and business facilities; what type of producer does this company represent?
A builder (or Construction Company)
What are consumers usually willing to do to get a good or service that is scarce?
Pay money.
This economic resource is the organizing force, taking the land, labor (human resources), and capital to create a final product or service.
What is Entrepreneurship?
Who are the individuals, groups, or entities that supply the human resources, natural resources, and capital goods necessary for production to occur?
Resource owners
A form of demand in which a change in price results in a proportionally smaller, or virtually no, change in the quantity demanded.
What is inelastic demand?
What is a retailer
A company that buys goods from producers and sells them to consumers, such as the grocery store Rembert works for, is considered what?
Who buys and uses the product
What determines whether an economic product is an industrial product or a consumer produc
This economic term describes an item, like a restaurant stove, that is purchased by businesses and used to produce other goods or services, rather than being consumed by the final user.
What is a capital good?
This term refers to the process or activity of using goods and services, and is a fundamental concept in economics.
What is Consumption?
With a large demand, small supply, and high prices, this market condition gives producers the advantage in setting terms.
What is a Seller's market?