Everything contained in the earth or found in the sea.
What is Natural Resources?
100
A condition in which more goods and services are desired than are available.
What is Scarcity?
100
Usefulness provided by changing raw materials or assembling parts to create a useful good.
What is Form utility?
100
These are often expensive items and comparison or price and quality is important.
What are shopping goods?
200
People who use products
What is Consumers?
200
All the people who work in the economy.
What is Human resources?
200
The value of what is given up when an economic choice is made.
What is Opportunity cost?
200
Usefulness provided by having a product available where customers need it.
What is Place utility?
200
Items physically made by manufacturers; tangible products.
What are goods?
300
Items physically made by manufacturers; tangible products
What is Goods?
300
The money needed to start and operate a business and the goods used in the production of other goods.
What is Capital?
300
Usefulness of a good or service in satisfying wants and needs.
What is Utility?
300
Usefulness provided by having a product available when it is needed.
What is Time utility?
300
Products used by businesses in producing goods and services.
What are industrial goods?
400
Acts performed for the consumer; intangible products
What is Services?
400
The skills of people who are willing to take the risk of starting their own business; entrepreneurs organize the other economic resources in order to create goods and services needed and desired in an economy.
What is Entrepreneurship?
400
The degree to which changes in price affect the demand for a product.
What is Elasticity?
400
Usefulness provided by creating opportunities for the consumer to own the product.
What is Possession utility?
400
Emergency items, impulse items, or staple goods usually purchased in small quantities at frequent intervals with a minimum of comparison shopping.
What are convenience goods?
500
A study of how to meet the unlimited wants of a society with its limited resources.
What is Economics?
500
Land, labor, and capital resources that can be used to produce the goods and services that people consume.
What is Economic Resources?
500
The amount of goods producers are willing to produce and sell at a given price and the amount of goods consumers are willing and able to buy at a given price.
What is Supply & Demand?
500
Form utility
Place utility
Time utility
Possession utility
Information utility