Consumer. a person who uses products or services to satisfy wants and needs; buyer.
What are economic products quizlet?
Economics products. goods and services that are useful, relatively scarce, and transferable to others. Goods. items that are economically useful or satisfies an economic want. Consumer goods.
What is a collection of those economic products that are tangible scarce useful and transferable?
Another concept is wealth. Wealth, in an eco- nomic sense, is the accumulation of those products that are tangible, scarce, useful, and transferable from one person to another.
What is the next best alternative use of a resource?
Economics Quiz 1 Review
| A | B |
|---|---|
| opportunity cost | the cost of the next best alternative, use of money, time, or resources when one choice is made rather than another |
| free enterprise economy | one in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions |
What is an example of an economic product?
An economic good is a good or service that has a benefit (utility) to society. Also, economic goods have a degree of scarcity and therefore an opportunity cost. It is the scarcity which creates opportunity cost. – For example, if we pick apples from a tree, it means that other people will not be able to enjoy them.
What is the next best choice called?
opportunity cost
The value of the next best choice forgone is called the opportunity cost. In other words, the opportunity cost of a course of action is the value the of the option that the individual chose not to take.
What is the cost of the next best alternative use of money?
Opportunity cost is the value of the next-best alternative when you make a decision; it’s what you give up.
Which is the best definition of the word capability?
You often use ability to say that someone can do something well. He had remarkable ability as a musician. A person’s capability is the amount of work they can do and how well they can do it. If someone has a particular capacity, a capacity for something, or a capacity to do something, they have the qualities required to do it.
Which is an example of the capacity of a business?
The capacity of a business measures how much companies can achieve, produce, or sell within a given time period. Consider the following examples: A call center can field 7,000 calls per week. A café can brew 800 cups of coffee per day.
Which is the best definition of capacity management?
A car service center can attend to 40 customers per hour. A restaurant has the seating capacity to accommodate 100 diners. Capacity management refers to the act of ensuring a business maximizes its potential activities and production output—at all times, under all conditions.
Which is the best definition of functional capacity?
If someone has a particular capacity, a capacity for something, or a capacity to do something, they have the qualities required to do it. Capacity is a more formal word than ability. …their capacity for hard work. …his capacity to see the other person’s point of view. 1. 2. 3. 4. 5. 6. 7. 8. 9.
