Marketing Ch. 6.1

Science that deals with examining how goods and services are produced, sold, and used.

• capital good

• economics

• entrepreneurship

• labor

economic principle relating the quantity of products available to meet consumer demand

• factor of production

• labor

• productivity

• supply and demand

Occurs when demand is higher than the available resources

• factor of production

• natural resources

• scarcity

• technology

the value of the best option you did not choose

• infrastructure

• land

• natural resources

• opportunity cost

the work performed by people in business

• land

• natural resources

• labor

• none of the above

the amount of work a person can do in a specific amount of time

• natural resources

• productivity

• technology

• entrepreneurship

a product that businesses use to produce other goods, rather than being bought by consumers

• capital good

• infrastructure

• land

• natural resources

consists of the transportation systems and utilities necessary for a modern economy

• labor

• infrastructure

• opportunity cost

• technology

use of science to invent useful things or to solve problems

• capital good

• natural resources

• productivity

• technology

willingness and ability to start a new business

• economics

• entrepreneurship

• labor

• infrastructure