Business Essentials 202

The situation that exists when demand is greater than supply

Which of the following is an example of an economic want?

The quantity of a good or service that buyers are ready to buy at a given price

Economic principle stating that the supply of a good will increase when demand is great and decrease when demand is low

The point at which the quantity supplied is equal to the quantity demanded

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

Economic principle that deals with the quantity of a good or service that people will buy

Manufactured or constructed items that are used in the production of goods and services

The process or activity of using goods and services

People who work to produce goods and services

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

Desire for things that can be obtained without spending money

The economic process or activity by which income is divided among resource owners and producers

A desire for something that can only be satisfied by spending money

Productive resources: Natural and Human Resources and Capital Goods

Using a stream to supply water for crops is an example of using

Economic "votes" are cast by consumers each time they

The amount of money paid for a good, service, or resource

An indication of how changes in price will affect changes in the amount demanded and supplied

The economic process of trading one good/service for another

A form of demand in which changes in price do not affect demand

Giving up all or a part of one thing in order to get something else

A salesclerk working part-time at a department store is an example of a:

The study of how to meet unlimited, competing wants with limited resources

A gap between unlimited wants and limited resources creates