Terms
Anything that can be bought and sold.
Product
Products are commonly known as...
Goods and services
A business function that includes all business activities that involve money is...
Finance
utility is added when a business changes the form of a good or service to make it more useful.
Form
________ is a level of material comfort measured by the goods, services, and luxuries available.
Standard of living
An action or task that is performed, usually for a fee.
Service
Utility describes the characteristics of a product that satisfy...
needs and wants
....is all of the tools, equipment, and machinery used to produce goods and services.
Capital
utility is added when products are made available at the times that customers need and want them.
Time
... says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.
The law of supply and demand
When demand is higher than the available resources.
Scarcity
The value of the next best option that is not selected is...
opportunity costs
An economic system where the economic resources are privately owned by individuals rather than the government.
Capitalism
utility is added when products are available at convenient places.
Place
is an organized way in which a nation chooses to use its resources to create goods and services.
An economic system
A science that examines how goods and services are produced, sold, and used.
Economics
The driving force in choosing to start a business is ...
profit
In a _________ economy, individuals are free to make their own economic decisions
Market
utility is added when facts and details about a product are made available to a customer.
Information
The factors of production are...
Land, labor, capital, and entrepreneurship.
The economic resources a nation uses to make goods and supply services for its population.
Factors of Production
Money earned in exchange for work are...
wages
The government makes all the economic decisions for its citizens in a ______ economy.
Command
utility is added when it becomes easier for customers to acquire a product. Business sometimes refers to the process
Possession
The functions of business are...
production, finance, marketing, and management