key words
all the activities involved in developing and exchanging products
business
make the product useful
form utility
Customers who purchase goods and services for their own use
consumers
a level of material comfort measured by the goods, services, and luxuries available
Standard of living
anything that can be bought or sold
product
available at convenient
place utility
something a person must have in order to survive
need
Business profits are ____by local, state, and federal governments
taxed
a physical item that can be touched
good
available to customers when
time utility
something that a person desires, but can survive without
want
Activity related to making a product
Production
an action or task that is performed
servies
product facts and details are made available
information utility
anywhere buyers and sellers meet to buy and sell goods and services
market
Activities involving money
Finance
an individual or group who buys products
customer
easy for customers to purchase a product
Possession utility
the difference between the income earned and expenses incurred by a business during a specific period of time
profit
Activities that identify, anticipate, and satisfy customer demand while making a profit
markting