Basic Economics of Business

3. Rivalry between businesses that offer similar products or services to the same target market.
7. The competition that arises from products that serve as alternatives to one another, affecting consumer choice.
10. The value created by making a product available at the time it is needed by consumers.
12. Rivalry among businesses in the market, influencing prices and product offerings.
13. The desire and ability of consumers to purchase a good or service at various prices over a specific time period.
15. The natural resources used in the production of goods and services, including raw materials and physical space.
16. The financial resources and physical assets (like machinery and buildings) used in the production of goods and services.
18. The value created from providing consumers with information about a product, helping them make informed purchasing decisions.

1. The fundamental economic problem of having limited resources to meet unlimited wants and needs.
2. Competition between businesses that offer different products or services but satisfy the same consumer needs.
4. The resources used to produce goods and services, which include land, labor, capital, and entrepreneurship.
5. The value added to a product or service through different processes that enhance its usefulness.
6. The ability and willingness to take risks to start and manage a business, often driving innovation and economic growth.
8. The value derived from the ownership of a product, allowing consumers to use it as they wish.
9. The value added by having a product available at a location convenient for consumers.
11. The value added by transforming raw materials into a finished product that meets consumer needs.
14. The total amount of a product or service that producers are willing to sell at various prices over a specific time period.
17. The human effort and skills used in the production process, contributing to the creation of goods and services.