Business Types
These businesses provide intangible activities rather than physical objects.
What are Service Businesses?
These are desires for things that you may or may not actually require.
What are Wants?
These goods and services are purchased and used by the "ultimate consumer."
What are Consumer goods and services?
These are the items used to produce goods and services and enable businesses to operate.
What are Economic Resources?
This economic principle determines what goods will be available and how much they cost.
What is Supply and Demand?
This type of producer is responsible for constructing houses, roads, or bridges.
What are Builders?
This is the specific term for a want that requires you to spend money to satisfy it.
What is an Economic Want?
This category of products includes materials, parts, installations, equipment, and supplies.
What are Industrial products?
These are the three main categories of economic resources.
What are Natural resources, human resources, and capital goods?
Besides price, this factor (referring to the usefulness of a product) has a major influence on demand.
What is Utility?
These two specific types of "trade industries" differ based on whether they sell to the final consumer or other businesses.
What are Retailers and Wholesalers?
To be considered an "economic good," an item must be useful, scarce, transferable, and have this physical characteristic.
What is Tangible?
Convenience, shopping, specialty, and unsought are the four classifications for this group of products.
What are Consumer products?
This is the main reason why producers must take steps to make up for shortages in resources.
Because resources are Limited?
Buying power and the price of other goods are two factors that affect this side of the economic principle.
What is Demand?
This term describes a business's duty to contribute to the well-being of society.
What is Social Responsibility?
Unlike economic goods, these are intangible activities rather than physical objects.
What are Economic Services?
These products are purchased for resale, to make other goods, or to use in business operations.
What are Industrial goods and services?
The movement of resources from one person to another is made possible by these four processes: consumption, production, distribution, and this.
What is Exchange?
Natural disasters, emergencies, and technology are factors that primarily affect this side of the economic principle.
What is Supply?
To fulfill their social responsibility, businesses are accountable to these four specific groups.
Who are Product users, the community, employees, and themselves?
The economy depends on these two groups of people buying and producing goods and services.
Who are Consumers and Producers?
This specific industrial classification includes items like large machinery or facilities used in production.
What are Installations?
The monetary value of a resource depends on demand, availability (supply), and this factor.
What is Productivity?
This "G-word" factor affects supply through regulations, taxes, or subsidies.
What is Government?