EC-070
makes things
a producer
If a good or service is scarce, consumers will usually be
willing to pay money to get it
When producers use the best combination of resources, consumers are more likely to get goods and services that
they want
what are wants?
things a person desires to have that go beyond the basic necessities for survival, improving their quality of life or providing enjoyment
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
services
A company that transforms cotton into wearable clothing
manufacturer
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good
¨consumer good¨
A salesclerk working part-time at a clothing store is an example of a(n)
human resource
touchable,smellable,able to feel
tangible
Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service
shopping products
if u work for a grocery store that buys food from producers and sells it to customers its considered A
trade industry
are tires for a tow truck a industrial good or a consumer good
industrial
When a stove is used in a restaurant kitchen, it is a
capital good
desires for emotional, social, or psychological needs that can be satisfied without spending money
non economical wants
Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain
specielty products
do Trade industries all have the same form of ownership YES or NO
what would bread be considered?
convience product
The state of technology that exists in a society can limit
natural resources and capital goods.
why has are goverments economic wants changed?
because of are technology has advanced
A frequently purchased item that businesses keep on hand continuously because the demand for it is constant
staple item
Retailing takes place whenever goods are
sold to the ultimate consumer
Economic “votes” are cast by consumers each time they??
each time they make a purchase
Offering higher wages, employee assistance programs, and benefits are responses to limited
human resources
How does the concept of scarcity influence the economic decisions made by individuals, businesses, and governments when allocating limited resources to satisfy unlimited wants?
Scarcity forces individuals, businesses, and governments to make choices about how to best use limited resources to meet the most important needs and wants.
Industrial goods that are constantly being purchased and used up in the operation of a business
supplies