EC-070
People who makes or provide goods or services
What is Producers?
A tangible, useful, scarce, and transferable object.
What is Economic Good?
Land, minerals, water, air.
What is Natural Resources?
Desire for objects that are unlimited, changing, and competing.
What is Want?
The section EC-011
What is Supply and Demand?
What is Raw-goods Producers?
Health care, lawn care, dry cleaning.
What is Economic Services?
Inputs that enable businesses to operate.
What is Economic Inputs?
A friend, or fresh air.
What is Noneconomic Want?
Ability to purchase a good or service
What is Buying Power?
Shape goods or materials to be useful to consumers.
What is Manufacturers?
People who use goods or services.
What is Consumers?
Capital goods reflect the state of _
What is Technology?
Resources given by the environment
What is Natural Resources?
Product that satisfies a customers needs
What is Utility Product?
Businesses that buy and sell goods to others
Devoting time and money to find out what consumers want
What is Market Research?
Organizing resources and accepting risk to obtain profit
What is Entrepreneurs?
Used to produce goods or services
What is Capital Goods?
Quantity bought varies inversely with price
What is Law of Demand?
Duty to contribute to the well being of society.
What is Social Responsibility?
Used to make products (producers)
What is Raw Materials?
Natural Resources, Human Resources, and Capital Goods
What is Factors of Production?
Needed for both natural resources and capital goods to work.
What is Human Resources?
A product's quantity varies directly with the price of the product.
What is Law of Supply?