Final answer:
Economic satisfaction refers to the process of converting and transforming resources into goods and services, involving production, distribution, and consumption, aimed at meeting the basic material needs of individuals and providing them with utility.
Step-by-step explanation:
Converting and transforming resources into goods and services in business is referred to as economic satisfaction. This process concerns itself with the production of goods, including raw resources, marketing, and distribution. Individuals contribute their labor to businesses in the Resource Market and then purchase goods and services in the Product Market. The goal of such economic activity is to meet basic material needs through production, distribution, and consumption of goods and services, ranging from subsistence agriculture to commercial industries. Substitution plays a role in this process, as it refers to the interchangeability between goods and services allowing an unavailable or inferior resource to be replaced with an alternative one. The ultimate aim for consumers, like José, is to choose a combination of goods and services that provides the greatest utility, which means the highest level of satisfaction or happiness with their choices.