Principles of Business and Finance 5.01

The best time for consumers to buy; characterized by large supply, small demand, and low prices

• Consumer

• Distribution

• Economics

• Buyer's Market

What is a Consumer?

• Tangible items produced for personal use

• The process of trading one good or service for another

• Anyone who uses goods and services

• People who work to produce goods and services

What are tangible items that are produced for personal use?

• Consumption

• Consumer Goods

• Economics

• Factors of Production

What is Consumption?

• The process or activity of using goods and services

• The situation that exists when demand is greater than supply

• Productive resources; human and natural resources and capital goods

• The study of how to meed unlimited, competing wants with limited resources

The quantity of a good or service that that buyers are ready to buy at a given price at a particular time is?

• Economic Want

• Elastic Demand

• Demand

• Form Utility

What is the part of a business function that is responsible for all the storing and movement of goods and services.

• Market Price

• Place utility

• Price

• Distribution

What is an Economic Resource?

• The Human or Natural resources and capital goods used to produce goods or services

• Tangible items that will be consumed by industrial users

• A form of demand in which changes in price do not affect demand

• Actual price that prevails in a market at any particular moment

Desires for items that can only be obtained by spending money

• Elastic Demand

• Economic Want

• Producer

• Production

This is the study of how to meet unlimited, competing wants with limited resources.

• Goods

• Services

• Supply

• Economics

What is described as the point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price?

• Scarcity

• Equilibrium Price

• Production

• Market Price