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100
study of how to meet the unlimited wants of a society with its limited resources
What is economics
100
items physically made by manufacturers; tangible products
What is goods
100
people who use products
What is consumers
100
people who buy products
What is customers
100
acts performed for the consumer; intangible products
What is services
200
value of what is given up when an economic choice is made
What is opportunity cost
200
amount of goods producers are willing to produce and sell at a given price
What is supply
200
usefulness provided by creating opportunities for the consumer to own the product
What is possession utility
200
usefulness of a good or service in satisfying wants and needs
What is utility
200
amount of goods consumers are willing and able to buy at a given price
What is demand
300
usefulness provided by changing raw materials or assembling parts to create a useful good
What is form utility
300
usefulness provided by having a product available where customers need it
What is place utility
300
products useful to consumers
What is consumer goods
300
degree to which changes in price affect the demand for a product
What is elasticity
300
emergency items, impulse items, or staple goods usually purchased in small quantities at frequent intervals with a minimum of comparison shopping
What is convenience goods
400
goods which the consumer has a preference due to quality, uniqueness, brand identification, or other specific characteristics
What is specialty goods
400
usefulness provided by having a product available when its needed
What is time utility
400
condition in which more goods and services are desired than are available
What is scarcity
400
acts performed for the consumer fee
What is consumer services
400
merchandise purchased by the consumer only after comparison shopping
What is shopping goods
500
products used by businesses in producing goods and services
What is industrial goods
500
acts performed for businesses for a fee
What is industrial services
500
changes in the price of the product result in changes in demand for that product
What is elastic demand
500
changes in the price of the product have very little effect on the demand for that product
What is inelastic demand
500
usefulness provided by communicating information about products
What is information utility