key terms
all the activities involved in developing and exchanging products
business
ulimited needs and wants cannot be filled with ________ resources
limited
is added when a business changes the form of a good or service to make it more useful
form utility
anything that can be bought or sold
product
the difference between the income earned and expenses incurred by a business during a specific period of time
profit
a physical item that can be touched
good
value is the relative _________ of something
worth
is added when products are made available at the times that customers need and want them
time utility
an action or task that is performed
service
a level of material comfort measured by the goods, services, and luxuries available
standard of living
an individual or group who buys products
customer
natural resources are raw material found in________
nature
is added when it becomes easier for customers to acquire a product
possession utility
customers who purchase goods and services for their own use
consumer
activity related to making a product
production
something a person must have in order to survive
need
finance includes all business activities that involve_______
money
is added when products are available at conventional places
place utility
something that a person desires, but can survive without
want
controlling and making decisions
management
describes the characteristics of a product that satisfy wants and needs
utility
scarcity develops when demand is __________ than the available resources
higher
is added when facts and details about a product are made available to a customer
information utility
anywhere buyers and sellers meet to buy and sell goods and services
market
is a science that examines how goods and services are produced, sold and used
economics