Principles of business & finance- Key terms 5.01

Question 1

People who work to produce goods and services

Accepted Answer

HUMAN RESOURCES

Question 2

Any resource found in nature that is used to produce goods and services

Accepted Answer

NATURAL RESOURCES

Question 3

Anyone who uses goods and services.

Accepted Answer

CONSUMER

Question 4

The human and natural resources and capital goods used to produce goods and services

Accepted Answer

ECONOMIC RESOURCES

Question 5

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

Accepted Answer

ECONOMICS

Question 6

The quantity of goods sellers are willing to offer a specified price in a given time period.

Accepted Answer

SUPPLY

Question 7

The process or activity of using goods and services.

Accepted Answer

CONSUMPTION

Question 8

A desire for something that may or may not be required

Accepted Answer

WANT

Question 9

Productive resources; human and natural resources and capital goods

Accepted Answer

FACTORS OF PRODUCTION

Question 10

A condition resulting from a gap between unlimited wants for goods /services limited resources

Accepted Answer

SCARCITY

Question 11

The best time for consumers to buy; characterized by large supply, small demand, and low prices

Accepted Answer

BUYERS MARKET

Question 12

The people who make or provide goods and services

Accepted Answer

PRODUCERS

Question 13

Tangible objects that can be manufactured or produced for resale

Accepted Answer

GOODS

Question 14

Desires for items that can only be obtained by spending money

Accepted Answer

ECONOMIC WANT

Question 15

The quantity of a good or service that buyers are ready to buy given price a particular time.

Accepted Answer

DEMAND

Question 16

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

Accepted Answer

PRICE

Questions 16