principles of business & finance study guide

a desire for something that may or may not be required.

• want

• need

• resource

• option

tangible objects that can be produced or manufactured for resale.

• services

• goods

• want

• trade

what are the two basic types of wants?

• noneconomic & limited

• economic & unlimited

• wants & needs

• economic & noneconomic

which is NOT apart of the three economic questions?

• what to produce?

• what to consume?

• how will products be produced?

• how to allocate products?

the process or activity of using goods and services.

• production

• consumer

• producer

• consumption

the people who make or provide goods and services.

• production

• consumer

• producer

• consumption

anyone who uses goods and services.

• production

• consumer

• producer

• consumption

the economic process or activity of producing goods and services.

• production

• consumer

• producer

• consumption

a marketing/business function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services.

• exchange

• distribution

• economics

• resources

the process of trading one good/service for another.

• exchange

• distribution

• economics

• resources