Functions of Business
Anything that can be bought or sold
What is a product?
A science that examines how goods and services are produced, sold and used is
What is economics?
the cotton used to make shoe laces is considered what type of resource
What is a natural resource?
where a customer can use the business
What is place utility?
A physical item created for sale that can be touched is called
What is a good?
Any activity related to making a product
What is production?
The value of the next best option that was not selected is called
What is Opportunity Cost?
A person who purchases goods an services for personal use
What is a consumer?
How does the business push information out to their customers?
What is information utility?
When producers supply greater quantity at higher prices, this kind of curve exists
What is a Supply Curve?
All business activities that involve money
What is Finance?
When something is given up in order to gain something else
What is Trade-Off?
Another word used to describe a customer in a SERVICE business
What is a client?
How fast the customer gets the product
What is possession utility?
When consumers buy fewer goods at higher prices, this kind of curve exists
What is a demand curve?
The process of controlling and making decisions about a business
What is Management?
The type of economy where the government makes all the economic decisions for its citizens
What is a command economy?
A machine that waters corn in a field is considered what type of resource
What is a Capital Resource?
How something is designed to help the customer
What is Form Utility?
This develops when demand is greater than supply
What is a shortage?
All activities that identify, anticipate, and satisfy customer demand while making a profit is
What is Marketing?
The type of economy where decisions are based on a society's values, culture and customs is called
What is a Traditional Economy?
The type of economy where both the government and individuals make decisions about economic resources
What is a mixed economy?
When can the customer access the business?
What is Time utility?
This develops when demand is less than supply
What is a surplus?