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MarketingVocats3.01
Question | Answer |
---|---|
The study of how to meet unlimited wants and needs of a society with its limited resources. | Economics |
A condition in which more goods and services are desired than are available. Forces people, businesses, and nations to make choices. | Scarcity |
Another term for scarcity | Shortage |
A condition where consumers desire less goods and services than were produced | Surplus |
Another term for surplus | Overage |
Land, Labor, Capital, | Factors of Production |
1. Economic resources: Includes land, labor, and capital resources which can be used to produce the goods and services that people consume. This is also known as the factors of production. | Economic Resources |
Incorporates the skills of people who are willing to take the risk of starting their own business | Entrepreneurship |
Form, Place, Time, Possession, Information | Economic Utility Types |
Refers to the added value or usefulness of a product. | Utility |
The value added by changing raw materials or putting parts together to make them more useful | Form Utility |
The value added by having a product where customers can buy it. | Place Utility |
The value added by having a product at a certain time of year or a convenient time of day | Time Utility |
The value added by exchanging a product for monetary value. | Possession Utility |
The value added by communicating with the customer. | Information Utility |