utility
what does Form utility do?
make the product useful.
what is Labor?
work performed by people in organizations/ human resources.
what is Traditional economy?
Economic decisions based on society's values, culture, and customs.
what is a want and a need?
Want: something you can live with out.
Need: something you need for survival
what does place utility do?
makes products available at convenient places.
what are Nature resources?
raw materials found in nature.
when does scarcity develop?
when demand is higher than the available resources.
what does time utility do?
makes products available to customers when needed or wanted.
what is the meaning or Factors of production?
Economic resources a nation uses to make goods and supply services for its population.
what is Trade-off?
when something is given up in order to gain something else.
what does possession utility do?
makes it easy for customers to purchase a product.
what is economics?
A science that examines how goods and services are produced, sold, and used.
what is the economic problem?
unlimited wants cannot be filled my limited resorces.
what is information utility?
product facts and details.
what are the 4 factors of production?
Land, Labor, capital, Entrepreneurship.
what is a opportunity cost?