What are Products and Services? A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals.
What is the curve for a product illustrates the relationship between the price of a product and the quantity businesses will produce?
Marketing Chapter 3 Marketing Begins with Economics
| A | B |
|---|---|
| demand curve | a graph that illustrates the relationship between price and the quantity demanded |
| economic market | all of the consumers who will purchase a particular product or service |
| economic resources | classified as natural resources, capital, equipment, and labor |
Are businesses offering very similar products?
Businesses offering very similar products to the same customers. For a product illustrates the relationship between the price of the product and the quantity businesses will supply. As the price increases, businesses will be willing to supply larger quantities of the product.
What is the process of choosing which needs and wants will be satisfied?
The process of choosing which wants, among several options, will be satisfied is called economic decision making. In a traditional economy, goods and services are produced the way they have always been produced.
What are the means through which goods and services are produced?
Cards
| Term Needs | Definition Things that are necessary for survival, such as food, clothing, and shelter. |
|---|---|
| Term Economic Resources or factors of production | Definition The means through which goods and services are produced. |
| Term Natural Resource | Definition Raw materials supplied by nature. |
Who determines which products and services will be available for sale?
Business Chapter 1
| A | B |
|---|---|
| Consumer | a person who buys and uses goods and services |
| Producers | individuals and organizations that determine what products and services will be available for sale |
| Demand | the quantity of goods and service that consumers are willing and able to buy |
What is difference between goods and products?
Products and goods are used as synonyms in common parlance. However, a good is something that is tangible in contrast with the services which are intangible. Anything, whether good or service offered in the market is a Product. Goods may be consumer goods or Industrial Goods.
Who are people producing goods and services?
Economics Concepts Definitions
| Concept | Definition |
|---|---|
| Producers/Production | People who use resources to make goods and services, also called workers./ The making of goods and services using resources. |
| Productivity | The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person. |
What are the main factor for production of goods and services?
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
