Econ. U1ch. 2 Business Organizations

What is the best definition for "Production"

• Process of creating goods and services.
• Efficient use of productive resources.
• Tangible commodity.
• Happiness/Satisfaction.

What is the best definition for "Productivity"

• Item with worth that can be expressed in $$.
• Efficient use of productive resources.
• People who use goods and services to satisfy wants.
• Location that allows buyers and sellers to deal with one another.

What is the best definition for "Specilization"

• Process of creating goods and services.
• Item that can be expressed in $$.
• Doing what you do best.
• Happiness/Satisfaction.

What is the best definition for "Market"

• Location that allows buyers and sellers to deal with one another.
• Profit seeking enterprise that serves as the main link between resources and consumer satisfaction.
• Business owned by 2 or more people.
• Combination of 2 or more businesses to form a single firm.

What is the best definition for "Consumers"

• Promotes welfare of members & community
• Efficient use of productive resources.
• Doing what you do best.
• People who use goods and serivices to satisfy their wants and needs

What is the best definition for "Good"

• Business owned by 2 or more people.
• Tangible commodity.
• Work performed for someone
• Process of creating goods and services

What is the best definition for "Service"

• Location that allows buyers and sellers to deal with one another.
• People who use goods and services to satisfy wants.
• Work performed for someone
• Tangible commodity.

What is the best definition for "Value"

• Item with worth that can be expressed in $$.
• Happiness/Satisfaction
• Form of Economic Institution recognized by law as a separate legal entity having all rights of an individual.
• Tangible commodity.

What is the best definition for "Utility"

• Item with worth that can be expressed in $$.
• Tangible commodity.
• Process of creating goods and services
• Happiness/Satisfaction

What is the best definition for "Business Organization"

• Profit seeking enterprise that serves as the main link between resources and consumer satisfaction.
• Promotes welfare of members and community.
• Association of people that form together to carry out economic activity that benefits all its members.
• Person(s) and Organizations that use factors of production.