Project 1 – Economic utilities created by business activities – Flashcards
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Utility
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- the attributes of a product or service that make it capable of satisfying consumers' wants and needs
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Form utility
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- changing raw materials or putting parts together to make them more useful; dealing with making, or producing, things
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Place utility
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- having a product where consumers can buy it
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Time utility
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- having a product available at a certain time of the year or a convenient time of the day
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Possession utility
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- the exchange of a product for some monetary value
