What is any activity that one person or group performs for payment?

What is any activity that one person or group performs for payment?

Economics Chapter 1 Vocablury

A	B
services	Actions or activities one person performs for another.
shortage	A situation in which a good or service is unavailable, or a situation in which the quantity supplied, also known as excess demand.
thinking at the margin	Deciding whether to do or use one additional unit of some resource.

What is someone who makes a good or performs a service called?

Definition: A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs—to create—that is, to output—something else. Households and individuals are producers of non-market goods and services such as cleaning, child-rearing, cooked food, etc.

Is any effort a person devotes to a task for which that person is paid?

Labor -Any effort a person devotes to a task for which that person is paid.

What is giving up one thing for another?

Tradeoff. Definition. the act of giving up one thing of value to gain another thing of value.

What is an individual or group who buys?

shortage. The driving force in choosing to start a business is. profit. An individual or group that buys products is called a(n) customer.

What do you call a person who provides a service?

The correct word for someone who provides a service is servitor, although this is a bit archaic in usage and usually they would be referred to according to exactly what service they were providing.

What type of work is called service?

A service is a transaction in which no physical goods are transferred from the seller to the buyer. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Service is intangible in nature.

Why do nations specialize in producing things?

Why? The reason is the principle of comparative advantage, which says that each country should specialize in the products that it can produce most readily and cheaply and trade those products for goods that foreign countries can produce most readily and cheaply. Thus, comparative advantage acts as a stimulus to trade.

What is a resource that is made by humans and used to create other goods and services?

Capital is any human-made resource that is used to produce other goods and services.

What do you call up when you choose one thing over another?

Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost,” we usually mean opportunity cost.

What is it called when supply is limited?

The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.

How is an employee paid and a contractor paid?

Employees are paid by wage and hour, while contractors are typically paid by their services. Dealing with nonpayment for the work performed is different for employees and independent contractors. Employers are obligated to pay their employees and must offer fair pay, at least the minimum wage required by their state.

What happens when a client does not pay an independent contractor?

Self-employed freelancers have the rights to a contract, control, and decisions, as well as the ability to work full-time or part-time. You can work from anywhere and collaborate with other freelancers. When a client does not pay on time, independent contractors might impose late fees.

What to do if you are not paid by a company?

Not only should you file a complaint with the state department of labor for unpaid wages, but you should also file a claim with the federal department of labor (enforcing the FLSA, the fair labor standards act). If you were misclassified as a non-employee, you should be entitled to receive compensation from one company or both.