EC-070
they _______ sell to ultimate consumers
retailers
They need things such as buildings, ___________, and office supplies to operate.
equipment
People, our _______ ________, are valued for the work they do to produce goods and services.
human resources
___________ is the study of how to meet unlimited, competing wants with limited resources.
Economics
This law states that the supply of a good or service will increase when the demand is great and decrease when demand is low. When demand is great, prices usually increase, and the supply increases. When demand is low, prices usually decrease, and the supply also decreases. If you think about it, this makes sense.
law of supply and demand
________ ___________ are businesses that buy and sell goods to others.
Trade industries
An economic good must be able to satisfy human wants
useful
They are the inputs that enable businesses to operate. Without resources, there would be no production.
Economic resources
The ultimate goal of all economic activity is ______________, which is the process or activity of using goods and services.
consumption
They want to achieve _________—the point at which the quantity supplied is equal to the quantity demanded.
equilibrium
These producers provide goods in their natural, or raw, states.
Raw-goods producers
An ___________ ____________ is anyone who personally uses a good or service to satisfy their own wants—the final user.
ultimate consumer
Any resource that is found in nature and used to produce goods and services is considered a _______ __________
natural resource
_______ _______ include all of the manufactured or constructed items that are used to produce
goods and services.
Capital goods
When a ______ _______ exists, the price of a product is low because there is a large supply and a small demand.
buyer’s market
Roads, bridges, schools, hospitals, houses, office buildings, places of worship—we rely on ________ to construct them for us.
Builders
Although some goods are tangible, useful, and scarce, they are not considered economic goods, because they cannot be easily obtained.
transferable
Some economists believe that _____________ should be considered separate from human resources, as a fourth factor of production.
entrepreneurship
Would you work at your job without being paid? Probably not. After all, you’re contributing a human resource (yourself) so that your employer (a producer) can produce a good or service for consumption.
Exchange
When the quantity demanded is much greater than the quantity supplied, prices are higher and a _______ _______ exists.
seller’s market
Since very few materials are actually used in their raw states, we rely on ______________ to change the shapes or forms of materials so that they will be useful to consumers.
Manufacturers
They may be _____ _______, such as bread or milk, or impulse items, such as a candy bar at the checkout counter or a quick car wash on the way home from work.
staple items
They must decide how many workers are needed, what supplies and equipment are appropriate, and what raw materials are necessary to produce their goods and services.
Producers
___________ is the process or activity by which income is divided among resource owners and producers. Money received by resource owners and producers is known as income.
Distribution
________ demand exists if the demand for a good or service is constant, even if the product’s price changes.
Inelastic