Product Utility
This type of utility involves changing materials/parts, etc. into another product.
What is FORM utility
This function of business includes activities that involve money.
What is FINANCE?
This type of economy is based on a society's values, culture and customers, and involves trading and bartering.
What is a TRADITIONAL economy?
This develops when demand is higher than available resources.
What is SCARCITY?
Advertising and Sales are examples of this function of business.
What is MARKETING?
An example of this type of utility is having a store on a busy road, or a vending machine in a waiting room.
What is PLACE utility?
This function of business includes using ingredients like flour and eggs to make a cake.
What is PRODUCTION?
What is a MARKET economy?
This includes land, capital, labor, and entrepreneurship.
What are the factors of production?
Keeping track of sales & expenses, completing tax forms, and payroll accounting are part of this function of business.
What is FINANCE?
An example of this type of utility includes a nutrition label or instructions.
What is INFORMATION utility?
This function of business is the process of controlling and making decisions; planning, coordinating and monitoring, as well as training employees.
What is MANAGEMENT?
In this type of economy, the government makes all the economic decisions for its citizens.
What is a COMMAND economy?
One of the benefits created by business is having a physical or virtual place where buyers and sellers can meet. This benefit is called Creating ____________.
What is MARKETS?
True or False? The supply curve shows that producers are willing to supply a greater quantity of goods at lower prices.
What is FALSE?
This type of utility helps to make products available when customers want/need them.
What is TIME utility?
This function of business includes activities that identify, anticipate and satisfy customer demand.
What is MARKETING?
In this type of economy, both the government and individuals make decisions about economic resources.
What is a MIXED economy?
One of the benefits that businesses create is economic benefits. Name one example of an economic benefit.
What are TAXES, PROFITS, or WAGES?
True or False? Privately owned businesses must give all profits to the government in a Command economy.
What is FALSE? (there are no privately owned businesses do not exist in a Command economy)
An example of this type of utility includes accepting multiple forms of payment, or having a drive thru window.
What is POSSESSION utility?
This function of business is similar to form utility.
What is PRODUCTION?
The characteristics of this type of economy include private property and voluntary exchange.
What is a MARKET economy?
According to the Law of Supply & Demand, Higher Demand leads to Higher ____________.
What are PRICES and PRODUCTION (SUPPLY). (Only one of these two is required to be correct)
According to the Law of Supply & Demand, Lower Demand leads to _______?
What are LOWER PRICES and LOWER PRODUCTION (SUPPLY) (Only one of these answers is required)