Hudetzka - BWL an der Duale Hochschule Baden-Württemberg

needs are unlimited,

have limited resources

Needs: perceived lack

Free resources

Economic resources

- Available in nature; forever abundant
- don’t require Human Resources to produce
- have no money value or price
=> gifts of nature (sunlight, air, water,...)

- demand is higher than supply
- require Human Resources for production
- have a money value or price
=> not gifts of nature

Consumer goods,

Consumer services,

capital goods

- physical and tangible goods sold to the general public

distinction between:
- durable consumer goods (cars)
- Non-durable goods (food)

- non-tangible products that are sold to the general public
- exp.: assurances

- physical goods that are used by industry to aid in the production of other goods or services

- exp.: investments

- Whether something is considered as a capital or consumer good is often a question of viewpoint (salami)

Minimum principle (input orientated)

Maximum principle (profit orientated)

General extremum principle

Minimum principle (input view)

Achieving set targets with the minimum allocation of resources

The market share should be increased by 10% with the minimum of the financial expense of the Marketing department

A business is any organization that uses resources to meet the needs of customers by pro dividing a
product or service they demand