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Finding Unique Ways to Use the Factors of Production Is

question 39

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Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.


Definitions:

Sunscreens

Products applied to the skin to protect against harmful effects of the sun's ultraviolet rays.

Unsought Product

Products that consumers do not normally think of buying or do not know about, often requiring aggressive selling and marketing strategies.

Convenience Product

Item the consumer seeks to purchase frequently, immediately, and with little effort.

Product Life Cycle

The progression of a product through stages from development and introduction to growth, maturity, and decline.

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