Economic and Systems MKT exploring

The study of how to meet unlimited wants with limited resources.

• Marketing

• Economics

• Managment

• Business

Any item that can be used to produce goods and services.

• Want

• Economy

• Need

• Resource

Water and air are examples of ___ resources.

• Capital

• Human

• Natural

In economics, the term capital goods includes

• Building and Equipment

• Labor and managment

• Mental and phyiscal work

A product that is useful to customers has

• form

• Utility

• possesion

• Utalitarian

When a business changes the shape of a product, it is creating ____ utility.

• Form

• place

• time

• possession

When products are available where they are needed, they have ____ utility.

• Form

• Place

• Time

• information

When ownership of a product is transferred from the seller to the buyer, utility is created.

• Time

• place

• Possession

• Form

In a private enterprise system, businesses strive to supply goods and services in direct proportion to

• demand

• supply

• cost of production

• standard of living

In a private enterprise system, consumers have a variety of products from which to choose due to

• collection of taxes

• limited government control

• private property

• competition