Is It Satisfying?
When a business changes a good or service to make it more useful
What is Form Utility?
the Economic resources a nation uses to make goods and supply services for its population
The United States Economy
What is Market Economy?
individual have the right to own property
What is Private Property?
Making choices about limited resource to satisfy unlimited wants
What is the basic economic problem?
When products are available at convenient locations
Work performed by people in organizations
What is Labor?
Decisions are made by both the government and individuals.
What is a mixed economy?
Individuals have the right to make money off what they sell
What is profit?
Production, finance, marketing, and management
What are the four functions of business?
When product are made available at the times that customers need and want them
What is Time Utility?
All of a nations natural resources; raw materials found in nature
What is Land?
Decisions are made by the government for its citizens.
What is a command economy?
Individuals are free to buy, sell, and use what they bought however they want
What is economic freedom?
When demand is higher than the available resources
What is scarcity?
When facts and details about a product are made available to a customer
All the tools, equipment, and machinery used to produce goods
What is capital?
Decisions are made by individuals with little government interference.
What is a Market Economy?
Individuals have the right to buy and sell in a marketplace where prices are set by supply and demand
What is voluntary exchange?
Price of a product is determined by the relationship of the supply of a product and the demand of a product
What is the law of supply and demand?
When it becomes easier for customers to acquire a product
What is Possession Utility?
Willingness and ability to start a new business
What is entrepreneurship?
Decisions are based on a society's values, culture, and customs.
What is a traditional economy?
Businesses can decide what to produce, how to produce, and for whom to produce to gain customers from other businesses
What is competition?
The point when supply equals demand for a product
What is equilibrium?