EC-070
Some trade industries are owned independently by one or two people. These businesses enjoy a lot of flexibility. The owners can easily change policies, advertising, pricing, store layout and more?
What is Ownership.
Someone who personally uses a good or service to satisfy their own wants—the final user?
What is the consumer.
What are things that cant be made again or have a limited amount?
What is limited resources.
Something you dont need?
What is a want.
What is the amount of something?
What is supply
While big national brands hire thousands, most retail shops are small businesses with fewer than 20 employees. Similarly, most wholesalers are independent, local companies that focus on serving customers within a 150-mile radius. what is this called?
What is Size.
candy bar at the checkout counter or a quick car wash on the way home from work is an?
What is an impulse buy.
Something you need to do something specific?
What is a tool.
A resource you find that is made by/straight from the earth?
What is a natural resource.
How much people want something?
WHat is demand.
What are businesses that buy and sell goods to others?(they don't modify or change the product)
What is Trade industries.
productive acts that satisfy economic wants?
What is economic services.
An infinite amount of things you want?
What is a limitless wants.
What is a product that is constructed called?
What is a capital good.
How much the product is affected by change in price or demand is called?
What is elasticity.
Where does retailing take place? It might be in a store, online, in a customer’s home, in someone else’s home, by mail, by vending machine, on the street corner, over the phone, etc. Whenever a sale of goods to the ultimate consumer takes place, retailing has occurred. What is this called?
What is premise(Existence of premise)
WHat do producers do?
What is resale, make other goods and services.
What would table salt be classified as?
What is natural resources.
What is a bus driver considered?
What is tax/taxes
What is the Independent Grocers Alliance(IGA)?
What is Voluntary Chains.
What are 2 industrial materials?
What are any raw materials like flour or baked goods.
in economics, resources are usually divided into three categories: natural resources, human resources, and capital goods?
What is factors of production?
When you lose the benefit of a scarce resource for another purpose is called?
What is Opportunity cost?
Businesses are trying to balance supply and demand so they have the products that customers want?
What is equilibrium.