BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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form
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place
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time
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possession
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Detailed explanation-1: -The four types of utility include: Form Utility-is the benefit from transforming raw materials into finished products. Place Utility-benefit from making products available where customers want them. Time Utility-benefit from storing products until they are needed.
Detailed explanation-2: -Economists include government as a factor of production. When productive resources are used for capital formation, fewer consumer goods are produced. The United States has adequate resources to satisfy all the wants of all its people. Countries with a command economy are often dictatorships.
Detailed explanation-3: -In a market economy, prices are set by the decisions of thousands of consumers and producers, each acting in their own self-interest. The profit motive and competition between businesses provide an incentive for producers to deliver the most desirable, cost-effective products at the best possible price.
Detailed explanation-4: -Which statement is true about capital goods? They increase the production of goods.