POBF Review 5.01 Vocab

Actual price that prevails in a market at any particular moment.

Resource like trees, granite, water.

Usefulness created when a buyer takes ownership of a product or service.

One price compared to another; the ratio between 2 prices.

Tangible objects that are produced for resale.

Results from a gap between unlimited wants and limited resources.

People who work to produce goods and services.

Study of how to meet unlimited, competing wants with limited resources.

When quantity demanded equal quantity supplied.

Occurs when price changes cause buyers to replace one product with another.

A form of demand where changes in price do not affect demand.

Resources: human, natural, capital

Manufactured items that are used in the production of goods and services.

Intangible but delivers utility or value to customers.

Usefulness that consumers gain from goods or services.

Usefulness created when products are available when they are needed or wanted.

Tangible items produced for personal use.

Economic principle where quantity of goods offered for sale varies with prices.

Economic principle where quantities of goods people will buy varies with price.

How price changes affect supply and demand.

Determines who will get goods & services in a time of limited resources.

When there is limited resources but unlimited wants for those resources.

The process of trading one good for another.

Deciding which goods & services will be purchased so that the most satisfaction can be obtained

Marketing function responsible for moving, storing, transferring ownership.

A lost benefit when we use a resource for one purpose vs. another.

A desire for things money won't buy.

Demand in which prices changes affect amount demanded.

Anyone who uses goods or services.

A desire to have or do something.