Review: Business Basics, Supply & Demand, & Economics

Buying the benefits and satisfaction you think the product will provide

A business can be define as...

all activities concerned with obtaining money and using it effectively

The number of products that a business is willing to sell at different prices at a specific time.

The funds used to acquire natural and human resources needed to provide products

Marketers gather information and conduct market research to determine what customers want.

price at which the # of products that businesses are willing to supply= amt of product that consumers are willing to buy

The physical and mental abilities people use to produce goods and services

Resources in economics includes land, labor, capital and enterprise used to produce goods and services.

The primary goal of a non-profit business is to make money?

The number of goods and services and individual is willing to purchase at a different prices at a set time.

The study of how resources are distributed for the production of goods and services within a social system

Land, Forests, minerals, water, and other things that are not made by people

A good or service with tangible and intangible characteristics that provide satisfaction and benefits.