Unit 2 Review

The steps producers take in bringing resources together to make goods and services

Tools used to make goods and services

Offering higher wages, employee-assistance programs, and benefits are responses to limited

Determining how scarce resources will be distributed

A business demonstrates social responsibility toward employees by providing them with

Those who provide human resources, natural resources, and capital goods in order for production to take place

To provide utility, a product must be

Which is not a Factor of Production?

What is the study of how people use their scarce resources to satisfy their unlimited wants?

Task utility is about making changes to the characteristics of a

Tangible objects that can be manufactured or produced for resale.

Usefulness; capable of satisfying wants and needs.

Making improvements in a country's standard of living and its people's well being is:

Skills workers use to make goods and services

Activities people sell or buy

A maximum legal price that businesses can charge for certain products.

An increase in a country's GDP or total production of goods & services

Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer.

Materials from nature used to make goods and services

Farms, mines, and lumber companies are examples of

People who use goods and services to satisfy their wants

All the resources used to produce goods & services

The quantity and quality of resources a person has like food, clothing, education, & healthcare

The two main divisions of the trade industry are:

A person who makes goods or services

The amount of satisfaction a good or service will provide a customer.

One way a business can show social responsibility is by ___ its profits

Creating a new business

To discover a product’s level of utility, marketers measure the consumer’s

What is the total value of all the goods & services produced in a country every year?

When there is not enough of something

What are causes of economic growth?

A person who buys goods or services

Occurs when changes in relative prices cause buyers to replace the purchase of one product with another.

Usefulness created by making sure that goods or services are available at the place where they are needed by consumers.

Human resources, natural resources, capital resources, and entrepreneurship

For a consumer to be satisfied, the four types of utility must be

What do service businesses offer?

Usefulness created when ownership of a product is transferred from the seller to the user.

What is the amount of GDP available to each person in a country?

What is the percentage of people who can read and write in a country?

To buy more resources in order to produce more or better goods & services

What does utility reveal about consumers?

The maximum price buyers are willing and able to pay for a product

Objects people sell or buy