MarketingVocats3.01
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The study of how to meet unlimited wants and needs of a society with its limited resources. | Economics
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| A condition in which more goods and services are desired than are available. Forces people, businesses, and nations to make choices. | Scarcity
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| Another term for scarcity | Shortage
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| A condition where consumers desire less goods and services than were produced | Surplus
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| Another term for surplus | Overage
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| Land, Labor, Capital, | Factors of Production
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| 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
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| Incorporates the skills of people who are willing to take the risk of starting their own business | Entrepreneurship
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| Form, Place, Time, Possession, Information | Economic Utility Types
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| Refers to the added value or usefulness of a product. | Utility
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| The value added by changing raw materials or putting parts together to make them more useful | Form Utility
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| The value added by having a product where customers can buy it. | Place Utility
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| The value added by having a product at a certain time of year or a convenient time of day | Time Utility
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| The value added by exchanging a product for monetary value. | Possession Utility
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| The value added by communicating with the customer. | Information Utility
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Created by:
melinda.fornes
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