Get the Goods on Goods and Services
Wants
What is... desires for things that may
or may not actually be required?
Economic Resources
What is... Items that are used to produce
goods and services
Law of Demand
What is...Quantity of a good or
service that consumers
will buy varies inversely
with the price of the
good or service
Trade Industries
What is...
• Buy and sell goods to others
• Don’t modify or change products
• Can be retailers or wholesalers
Economics
What is... The study of how to meet unlimited,
competing wants with limited resources
Economic Goods
What is... Physical, Useful, Scarce, and Transferable goods
Factors of Production
What is... Economic resources are also known as factors of production. They enable businesses to produce the goods and services that consumers want
Supply Explained
What is... Quantity of a good or service
that producers are able and
willing to offer for sale
Service Businesses
What is...
• Perform intangible activities
• Includes categories such as
private education, business
services, and transportation
• Not always black and white
Wants
What are... desires for things that
may or may not be necessities
Economic Services
What is... productive acts that satisfy
economic wants
Natural Resources
What is... Any resources found in nature that are used to produce goods and services
Law of Supply
What is... Quantity of a good
or service that will be
offered for sale varies
in direct relation to its
selling price
Social Responsibility
What is...
• A duty to contribute to the well-being
of society
• Businesses demonstrate it in two ways:
Maximizing profits
Contributing to public interests
Characteristics of Wants
What is...
• Unlimited
• Changing
• Competing
Consumers
What is... Limited resources to purchase
products
Examples of Natural Resources
What is... • Land
• Minerals
• Energy reserves
• Bodies of water
• Wildlife and vegetation
• Air
• Weather conditions
When demand is great:
What is...
• Prices usually increase
• Supply increases
Who gets benefits?
Who is...
• Product users
• The community
• Employees
Natural resources limited
What is...
Increasing global population
Difficulty or cost of obtaining them
Lack of technology
Finite supply
Weather conditions
The environment
Producers
What is... Limited resources to make products
Human Resources
What is... People who work physically and/or mentally to produce goods and services
When demand is low:
What is...
• Prices usually decrease
• Supply decreases
The gray zone
What is...
Walmart Thanksgiving food drive, The food drive was for employee
Human resources limited
What is...
Willingness and ability to work
Worker shortages in certain
professions:
A lack of specialized training
Geographic limitations