| A | B |
|---|
| producers – | persons who facilitate everything that happens after the client agrees to develop an ad or campaign. |
| supply – | a relationship between the quantity of a product that producers are willing and able to provide and the price. |
| demand – | a relationship between the quantity of a product consumers are willing and able to purchase and the price. |
| scarcity- | the result of unlimited wants and needs combined with limited resources. |
| controlled economy- | an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced and consumed. |
| free economy- | an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control. |
| mixed economy- | an economic system in which some goods and services are provided by the government and some by private enterprise. |
| private enterprise- | an economic system based on independent decisions by businesses and consumers with only a limited government role regulating those relationships. |
| profit motive- | the use of resources toward the greatest profit for the producer regulating those relationships. |
| value- | an individual view of the worth of a product or service. |
| extraction and cultivation- | products are obtained from nature or grown using natural resources. |
| processing- | changing and improving the form of another product. |
| manufacturing- | combining raw materials and processed goods into finished products. |
| mass production- | an assembly process that makes a large number of identical products using a continuous efficient procedure. |
| custom manufacturing- | building a specific and unique product to meet the needs of one customer. |
| materials processing- | changing the form of raw materials so they can be consumed or used to make other products. |
| How does a manufacturer differ from an extractor? | The extractor takes resources from nature for direct consumption or for use in developing other products. Manufacturers get supplies from other producers and convert them into products. |
| What are the three forms of production? | The three forms of production are extraction and cultivation, processing, and manufacturing. |
| : What is intermittent processing? | ntermittent processing uses short production runs to produce a precise amount of a variation of a product. |
| What is custom manufacturing? | Custom manufacturing involves building a specific and unique product to meet the needs of one consumer. |
| What is the fasting growing type of business? | Service businesses are the fastest growing category. |
| What is manufacturing? | Manufacturing combines raw materials and processed goods into finished products. |
| Why would the processing of textbooks be an intermittent process? | Books would be produced as dictated by the flow of orders. |
