A physical item that can be touched

An individual or group who buys products; referred to as a client in a service business

An action or task that is performed, usually for a fee

The consumer market is comprised of customers who buy products for heir own use

The definition of a want is

When Apple comes up with a new design, size, and/or features for the iPhone, it satisfies which utility

When Walgreen's updated their strategy to be located on every corner in America, it was satisfying which utility

Being able to go through the Drive-Thru at McDonald's at any time of day because it's open 24-hrs, satisfies which utility

On Nike's website, I can find product descriptions, videos, size charts, pictures of every angle, and I can chat with a representative if I have additional questions. This satisfies which utility

Any activity related to making a product defines which business function

All the business activities that involve money, is the definition of which business

The process of controlling and making decisions about a business, is the definition of which business function

Trees used to make paper is an example of which resource

One of the tow trucks at DeCraene's is an example of which resource

The owner of Pund Bakery in Harvard is an example of which resource

A business loan from Harvard State Bank is an example of capital

The value of the next best option that was not selected

When an item is give up in order to gain something else

Market forces are economic factors that affect the price, demand, and availability of a good or service

In this economic system, the government makes all the decisions about what to produce, how to produce it, and for whom

An economic system where individuals are free to make their own economic decisions. Also know an free-enterprise

Supply and demand, profit motive, and competition are three market forces

Which type of economy bases its decisions on values, culture, and customs

A mixed economy is a combination of market and traditional economic systems

An entrepreneur is someone who has the ability and willingness to start a business