Business in Society
A type of producer that changes the shapes or forms of materials so that they will be useful to consumers
What is a Manufacturer?
People who use goods and services to satisfy their wants
Consumers
Items that are found in the world and used to produce goods and services
Natural Resources
The process or activity of using goods and services
What is Consumption
Usefulness; capable of satisfying wants and needs
What is Utility
The people who make or provide goods and services
What is a Producer?
Physical objects that are useful, scarce, and transferable and which satisfy economic wants
Economic Goods
Manufactured or constructed items that are used to produce goods and services
What are Capital Goods
The economic process or activity of producing goods and services
What is Production
Usefulness created when products are made available at the time needed to complete specific business activities
What is Time Utility
A business that buys consumer goods or services and sells them to the ultimate consumer
What is a Retailer
A desire for something that can only be satisfied by spending money
What is an Economic Want
People who work to produce goods and services
Human Resources
The process of trading one good/service for another
What is Exchange
Usefulness created when ownership of a product is transferred from the seller to the user
What is Possession Utility
The duty of business to contribute to the well-being of society
What is (Corporate) Social Responsibility
What is Scarce
Nonrenewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals
Fossil Fuels
The process or activity by which resources are divided among resource owners and producers. Or what we call transportation
What is Distribution
Usefulness created by making sure that goods or services are available at the place where they are needed or wanted by consumers
Place Utility
Businesses that buy and sell goods to others; retailers and wholesalers
What are Trade Industries
Items in their natural state or condition
What are Raw Materials
People who assume the risks of starting and operating businesses
What are Entrepreneurs
The study of how to meet unlimited, competing wants with limited resources
What is Economics
Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer
Form Utility