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What is the consumer's ability and desire to buy goods and services called?
demand
What are resources needed to make goods and services called?
capital
What is called the use of scarce resources for production of goods and services?
Rationing
Using resources in such a way as to maximize the production of goods and services is called?
Efficiency
What are resources needed to produce goods and services called?
Factors of production
When considering the nature of the conversion the resources that comprise the major input are called the?
Major input resources in a conversion process are typically referred to as inputs or factors of production. These resources can include labor, capital, raw materials, and technology that are used to produce goods or services in a production system.
A person who receives a good or service is called?
The person who receives goods or services is a consumer.
What is the consumer's ability and desire to buy goods and services called?
demand
What is a person who uses the services of a professional person?
It depends on what type of professional services. For medical services, the person is a patient or consumer. For mental health services, the person might be called a client or consumer. For other professional services, such as from a house painter, the person who hired the worker is called a customer.
What are resources needed to make goods and services called?
capital
Who is a person who buys goods and service?
They could be called a consumer, a patron, a customer, or a client.
What is called the use of scarce resources for production of goods and services?
Rationing
What are Wants called?
Wants are often described as goods, ideas, and services that fulfill the needs of an individual consumer
Using resources in such a way as to maximize the production of goods and services is called?
Efficiency
What are resources used to make all goods and services called?
factors of production
Who are called consumer?
Consumers are individuals or organizations that purchase goods or services for their own use or consumption. They are an essential part of the economy as they drive demand for products and services.
People who use resources to make goods andor provide services are called?
entreprenuer
