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What is it called when companies produce more goods than consumers are buying?

Overproduction


How is production important in the provision of goods and services to consumers?

Production of goods is important for services and companies because companies must produce in mass what goods or services consumers will purchase. If customers do not wish to purchase a certain good or service, then it could cost a company mass amounts of money if they have produced it.


When a country has a market economy which of these statements correctly defines this system?

Companies produce goods of their choice and consumers decide whether to buy the goods


Who urged consumers to buy goods only from companies that displayed its blue eagle system?

National Recovery Administration


What are some advantages of taxation?

Corrects market failure Companies are in favor of it as they pass on the costs to their consumers Provides public goods


When consumers get more money they tend to substitute normal goods for what goods?

When consumers get more money, they tend to substitute normal goods for _inferior_ goods.


Why did the garment workers union grow after the triangle shirtwaist factory fire?

consumers pressured businesses by boycotting nonunion goods.


What is utility for consumers?

Utility is a tool used for understanding the behavior of consumers. It is useful in determining the wants and needs of consumers so companies know what products to promote or produce.


What can not be done by the government in a command economy?

Deciding what goods consumers buy.


What is the relationship between producers and consumers in economics?

Producers make the goods and consumers buy and use the goods.


When consumers get more money they tend to substitute normal goods for goods?

inferior


Who will get the goods and services?

consumers