Intro to Business

Lack of economic growth is a major problem for __________ economic systems.

traditional

A characteristic of human wants is that they are

unlimited

if a good is scarce, consumers will usually be

willing to pay money to get it.A good or service is considered scarce when not everyone can have as much of it as desired. This makes consumers willing to pay for the item to obtain it. Since scarce items may be hard to locate, consumers may be more interested in owning them and willing to buythem.

what role does utility play in the implementation of the market concept

A satisfaction gauge

In a communist command economy who decides how the economic questions will be answered?

Government

What demonstrates the interrelationship among primary business activities

One business activity changes, so the others must adjust in response. Since the primary business activities are interrelated, when one business activity changes, the others must adjust in response.

human resources are

People who work to produce goods and services

Capital goods

goods that are used in producing other goods, rather than being bought by consumers.

to discover a product's level of utility, marketers measure the consumer's

The consumer's perspective, attitude, or desire may affect his/her purchase decision—but marketers measure the satisfaction actually received.

How does financial loss affect market economies

The economy looses because people are less likely to put money into the economy

Why does the government set and collect taxes

To help pay the expenses of government

Three basic economic questions

What to produce? How to produce? For whom to produce?

Private enterprise is based on the idea

everyone is better served when individuals are free to set their own goals

Partnership

a business organization owned by two or more persons who agree on a specific division of responsibilities and profits

When marketers provide information about an available product, consumers are more likely to

buy the product

One of the benefits of production to consumers is that production

creates form utility

The way which an economic system answers the basic economic questions depends on the governments

government

Producers respond to consumers' positive economic votes by

increasing production.If a certain product is wanted by consumers, its production will be increased; however, if the item is not popular, its production will be stopped. Producers would not increase their production of industrial products in response to consumers' needs since industrial products are used by businesses. Classifying goods and services helps marketers select appropriate marketing activities for the particular good or service.

Using a stream to supply water to a field in order to grow crops is an example of using

natural resources

disadvantages of private enterprise

periods of unemployment, poverty, and unequal distribution of wealth.

What type of economy does the government control a factors of

private market

Private property is

property owned by an individual

If expenses are greater than income, there's no

reward

Government owns the means of production but there is some private ownership of business under

socialist command

what provides the most time utility for a consumer

staying open for business on the weekend

A socially responsible business will attempt to give customers

the best products at the best prices

Wants

things that add comfort and pleasure to your life