The consumer is the

one who pays

something to consume
goods and services
produced.
An amount of
something that is
used, or
the process of
using something,
The economic utility of a
good or service is important
to understand because it
will directly influence the
demand, and therefore
price, of that good or
service.
The benefit gained from consuming one additional
unit of a good or service.
The law of diminishing marginal
utility is a law of economics stating
that as a person increases
consumption of a product while
keeping consumption of other
products constant, there is a decline
in the marginal utility that person
derives from consuming each
additional unit of that product.
A vendor, or a supplier, is a supply chain
management term that means anyone who
provides goods or services to a company or
individuals. A vendor often manufactures
inventoriable items, and sells those items to
a customer.
Production is a process of
workers combining various
material inputs and immaterial
inputs (plans, know-how) in order
to make something for
consumption (the output). It is the
act of creating output, a good or
service which has value and
contributes to the utility of
individuals
 In economics, an input–output model is a
quantitative economic technique that represents
the interdependencies between different branches
of a national economy or different regional
economies.
The production process is concerned with transforming a range
of inputs into those outputs that are required by the market. This
involves two main sets of resources - the transforming resources,
and the transformed resources. ... There are three main types
of process : job, batch and flow production.
In economics,
a production
function relates physical
output of
a production process to
physical inputs or factors
of production.
Capital generally refers to
financial wealth, especially
that used to start or maintain
a business. In
classical economics, capital
is one of the three factors of
production, the others being
land and labor.
Income is money that an
individual or business receives
in exchange for providing a
good or service or through
investing capital. Income is
consumed to fuel day-to-day
expenditures. Most people age
65 and under receive the
majority of their income from
a salary or wages earned
from a job.
 ACTIVITY

Discuss how SM impacts positively on the

community and community?
 EVALUATION
SCENARIO:
A new construction company
was set up in the
neighbourhood. What will be
the effect of this
organization/institution in the
community especially in the
business sector?