Untitled Flashcards

Front

what goods and services will be produced?
how will they be produced?
for whom will they be produced?

Back

basic economic questions

Front

way nation makes economic choices about how the nation will uses its resource to produce and distribute goods and services.

Back

Economy

Front

anything that is in its natural state: oil natural gas, trees.

Back

Land/natural resources

Front

China

Back

What country is the largest trading partner for the United states

Front

money, tools, and equipment needed for production of product or services.

Back

Capital Resources

Front

employees of the business

Back

Labor resources

Front

individual who takes the risk of owning and operating the business

Back

Entrepreneurship resources

Front

amount of satisfaction or value, a consumer receives from the consumption of a particular product or service. Businesses use this to increase chances that consumers will buy their products or services.

Back

Economic utility

Front

Form utility is created by the changes in the form or shape of the product to make it useful.

Back

1st type of utility

Front

created by having a good or services at the location where it is needed or wanted.

Back

Place utility