Business Concepts Flashcard

Front

What is a business that operates out of a physical facility called?

Back

Brick and mortar

Front

Who are the people that use goods and services to satisfy their wants?

Back

Consumers

Front

What type of producer constructs roads, bridges, and buildings?

Back

Builder

Front

What is the role of a retailer?

Back

Buys and sells goods to the ultimate consumer

Front

What are manufactured items used in the production of goods and services called?

Back

Capital goods

Front

What is the process of using goods and services known as?

Back

Consumption

Front

What are physical objects that are useful, scarce, and transferable called?

Back

Economic goods

Front

What is the term for a form of demand where price changes correspond to changes in demand?

Back

Elastic demand

Front

What are the factors of production?

Back

Natural resources, Human resources, and capital goods

Front

What is inelastic demand?

Back

Demand that does not change with price.