EC-070
This type of business doesn't modify products; it simply moves finished goods directly from producers to consumers.
What are trade industries?
A hair dresser is this kind of resource.
What is a Human Resource?
This term refers to a specific desire for something that may or may not actually be required.
What is a want?
The study of economics is about these two things.
What is people and choices?
Products that are used together.
What is Complementary Products?
Unlike physical goods, these non-physical, intangible activities are the primary offering sold by service businesses.
What are intangible activities?
Weather conditions directly affect the supply of this resource.
What is Natural Resources?
When a desired good or service becomes scarce in the marketplace, consumers usually become more willing to take this action.
What is paying money to buy it?
A gap between unlimited wants and limited resources creates this situation.
What is scarcity?
What is elasticity?
The three categories that encompass all types of businesses are producers, trade industries, and this third group.
What are service businesses?
Items that are used to produce goods and services.
What is Economic Resources?
Consumers actively cast economic votes every single time they engage in this daily activity.
What is making a purchase?
Deciding which goods and services lead to the most satisfaction results in this term.
What is economizing?
The demand for a good or service is constant regardless of its price.
What is inelastic?
A socially responsible business aims to offer these two key standard elements.
What are the best products at the best prices?
Resources that enable businesses to operate.
What is Inputs?
Industrial goods that enter a final product without needing any additional processing fall under this category.
What are parts?
The process or activity by which income is divided among resource owners and producers.
What is distribution?
Three factors necessary for demand to exist are: desire for a product, buying power to pay for the product and this willingness.
What is exchanging buying power?
Businesses demonstrate social responsibility through two ways—contributing to public interests and achieving this financial goal.
What is maximizing their profits?
Capital goods reflect this kind of resource in a society.
What is Technology?
In a business items like computers are classified under this category.
What is equipment?
Giving up all or part of one thing to get something else refers to this term.
What is Trade-offs?
The maximum price at which buyers are willing to pay and producers are willing to receive refers to this term.
What is equilibrium price?