Foundational Definitions
This is defined as anything that can be bought or sold.
Product
This economic condition occurs when the demand for a resource is higher than the available supply.
Scarcity
In this type of economic system, individuals are completely free to make their own economic decisions.
Market Economy
Having all the items you need available in one convenient location provides this type of utility.
Place Utility
While a good is a physical item that can be touched, this is an action or task performed for a fee and consumed at the time of purchase.
Service
The price of a product is determined by the relationship between these two market forces.
Supply & Demand
Command Economy
Offering quick product access, such as drive-thrus, is an example of this utility.
Possession Utility
Food and water are examples of this survival requirement, whereas an item that is not required to live is called this.
Need & Want
This specific term represents the value of the next best option that was not selected when making a decision.
Opportunity Cost
This type of economy combines elements where both the government and individuals make decisions about economic resources.
Mixed Economy
Making a business available at multiple times of the day to accommodate all customers provides this utility.
Time Utility
This science specifically examines how goods and services are produced, sold, and used.
Economics
This occurs whenever you give up something in order to gain something else.
Trade-Off
An individual or group who buys a product in any economic system is known as this.
Providing online troubleshooting guides accessible anytime on a website is an example of this utility.
Information Utility
This business function encompasses all activities that identify, anticipate, and satisfy customer demand while remaining profitable.
Marketing
Any activity directly related to making a product falls under this economic concept.
Production
The business process responsible for controlling and making decisions about an entire company is called this.
Management
Designing a product to be ergonomic and compatible with modern technology provides this type of utility.