| A | B |
|---|
| profit | the amount of money remaining from income after all expenses are paid. |
| profit motive | when a business has this, it makes decisions on how to use resources in a way that will result in the greatest profit. |
| revenue stream | an activity such as the sale of tickets that will produce money |
| economics | the study of how goods and services are produced, distributed, and consumed. |
| Economic Impact | The effect produced, such as jobs created or revenue generated, by decision made by consumers and businesses |
| scarcity | occurs when there is a limited amount of resources needed to produce and distribute goods and services |
| loss | When businesses do not make enough revenue to cover expenses. |
| economic utility | The amount of satisfaction a person receives from the consumption of a particular product or service. |
| form utility | improving the physical characteristics of a product or service. Example: Watching a movie available on-demand rather than ordering a DVD of the movie online. |
| time utility | The result of making the product or service available when the consumer wants it. Example: A movie Theater can improve this by offering a movie on multiple screens at multiple times. |
| place utility | ensures that the product or service is available where the consumer wants it. Ex: Instead of going to the Super Bowl, a fan may watch the game on TV at home or listen to it on the radio. |
| possession utility | This results from making the product or service available at an affordable price. Example: Watching a boxing match on pay per view at home can be cheaper than attending the boxing match. Having multiple payment options such as paying with a credit card as opposed to paying with cash can also improve this. |
