| A | B |
|---|
| Business Cycle | The fluctuations in the economy over periods of several years. |
| Capital | The money needed to start and operate a business and the goods used in the production of other goods. |
| Competition | A rivalry between two or more businesses to gain as much of the total market sales or customer acceptance as possible. |
| Consumer Goods | Products useful to consumers. |
| Consumer Services | Acts preformed for the consumer for a fee. |
| Consumers | People who use products. |
| Convenience Goods | Emergency items, impulse items, or staple goods usually purchased in small quantities at frequent intervals with a minimum of comparison shopping. |
| Customers | People who buy products. |
| Demand | The amount of goods consumers are willing and able to buy at a given price. |
| Direct Competition | Competition between two or more retailers that utilize the same type fo business format. |
| Economic Resources | Land, labor, and capital recources that can be used to produce the foods and services that people consume. |
| Economics | A study of how to meet the unlimited wants of a society with its limited recources. |
| Elastic Demand | Changes in the price of the product result in changes in demand for that product. |
| Elasticity | The degree to whick changes in the price affect the demand for a product. |
| Entrepreneurship | The skills of people who are willing to take the risk of starting their own business; entrepreneurs organize the other economic resources in order to create good and services needed and desired in a economy. |
| Form Utility | Usefulness provided by changing raw materials or assembling parts to create a useable good. |
| Free-Market System | An economic system in which individuals, not the government, make important economic decisions. |
| Goods | Items physically made by manufactures; tangible products. |
| Human Resources | All the people who work in the economy. |
| Indirect Competition | Competition between two or more retailers that employ different types of business formats to sell the type of goods. |
| Industrial Goods | Products used by businesses in producing goods and services. |
| Industrial Sevices | Acts preformed for businesses for a fee. |
| Inelastic Demand | Changes in the price of the product have very little effect on the demand for that product. |
| Information Utility | Usefulness provided by communication information about products. |
| Law of Supply and Demand | The economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low. |
| Monopoly | A market in which there are no direct competitors; only one company offers goods or services for sale and has total control over products and prices. |
| Natural Resources | Everything contained in the earth or found in the sea. |
| Nonprice Competition | Competition based on factors that are not related to price. |
| Oligopoly | A market structure in which a few large, competitve firms dominate the market. |
| Opportunity Cost | The calue of what is given up when an economic choice is made. |
| Place Utility | Usefulness provided by having a product available where customers need it. |
| Possession Utility | Usefulness provided by creating opportunities for the consumer to own the product. |
| Price Competition | Competition focused on the selling price of a product. |
| Profit | The money left over after costs, expenses, and taxes, have been deducted from sales. |
| Pure Competition | A market situation in whick no single company in an industry is large or powerful enough to influence or control prices. |
| Scarcity | A condition in which more goods and services are desired that are available. |
| Services | Acts preformed for the consumer; intangible products. |
| Shopping Goods | Merchandise purchased by the consumer only after comparison shopping. |
| Specialty Goods | Goods for which the consumer has a preference due to quality, uniqueness, brand identification, or other specific characteristics. |
| Supply | The amount of goods producers are willing to produce and sell at a given price. |
| Time Utility | Usefulness provided by having a product available when it is needed. |
| Utility | Usefulness of a good or service in satisfying wants and needs. |
