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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
Created by: melinda.fornes