EC-070
John works for a company that constructs houses and business facilities. Which type of producer does he work for?
What are resources that enable businesses to operate also known as?
What are imputs.
The study of economics is basically about what two things?
What are people and choices.
If a good or service is scarce, what will consumers usually do?
What is they will be interested in paying money to buy it.
If there are 40,000 seats available at the local stadium. The team has had a losing season for the past five years. Only 20,000 seats are demanded for the current football season. What would be the outcome?
What is prices would decrease since supply is greater than demand.
What do service businesses sell?
What is intangible activities.
What kind of resource is a computer an example of?
What is a capital resource.
What does a gap between unlimited wants and limited resources create?
What is scarcity.
When are economic “votes” are cast by consumers?
What is each time they make a purchase.
If a freeze destroyed most of the citrus fruit in Florida, what would happen?
What is the price would increase because the supply was decreased.
Which is an example of where retailing takes place?
What is when someone buys something on Amazon.
What are items that are used to produce goods and services?
What are economic resources.
If you decide to watch YouTube videos instead of playing video games, what is this referred to as?
What is opportunity cost.
How would a business’s computers be classified?
What is equipment.
What happens is there's an excess supply of something?
What is excess supply causes prices to decrease.
What businesses don't modify or change products, they just simply move goods from producers to customers?
What is a human resource.
What is the ultimate goal of all economic activity?
What is consumption.
What is any item purchased as a result of an on‑the‑spot decision to buy?
If the College Bookstore had 100 computer books to sell that were published five years ago, what would happen to the price?
What is the price would decrease because as rapidly as changes and improvements are being made in computers, there would probably be little demand for computer books that were published five years ago.
How do businesses show social responsibility to their customers?
What is they provide safe, quality products.
Offering higher wages, employee assistance programs, and benefits are responses to what?
What is limited human resources.
What involves giving up all or part of one thing to get something else?
What is trade-offs.
What is an example of a service?
What is having a haircut.
If there are 1,000 concert tickets available for a popular singer and 1,500 people want to buy the tickets, what will happen?
What is the demand is greater than supply so prices would increase.