OMC - SS - Econ 1 Word Scramble
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Question | Answer |
Economic Wants | Desires that can be satisfied by consuming a good, service or leisure activity |
Business | An entity that produces and/or sells goods and services. |
Entrepreneur | Someone who takes that risk to start a business. |
Goods | Things that people want that you can hold or touch. |
Consumer | Someone who buys goods and services. |
Services | Actions, like a haircut, that satisfy someone's wants. |
Interest | The price of money that is borrowed or save |
Wages | The money a business pay for labor resources |
Rent | The money a business pays for leasing buildings or equipment. |
Costs | What businesses pay for productive resources; expenses a business pays to produce a product. |
Producers | A business or person who provides (makes) a good or service for consumers. |
Scarcity | When people's wants are greater than the resources for satisfying those wants. |
Productive Resources | The natural resources (land), human resources (labor), and capital resources used to make goods and services. |
Natural Resources | (LAND) – things found in nature that are used in production, such as water, minerals, land and trees. |
Human Resources | (LABOR) – the work that people do in production |
Capital Resources | Things made by people that are used in production, such as tools, buildings, equipment and machines. |
Criteria | Important things to consider when making a decision. |
Opportunity Cost | The most valuable alternative you give up when you make a choice. |
Profit | The income an entrepreneur makes by running a successful business; the money left over after subtracting the cost from sales revenue. |
Risk | The chance entrepreneurs take that a business will not be successful. |
Demand | The number of products consumers are willing to buy at different prices. |
Sales Revenue | The total amount of money a business receives from selling its products. |
Price | The amount a consumer pays to buy a good or service and the amount a business receives when it sells a good or service. |
Market Survey | A way to gain information about what consumers will buy at different prices. |
Demand Curve | A graph showing the number of products consumers are willing and able to buy at different prices. |
Law of Demand | The fact that consumers will buy more of a product when the price goes down and will buy less when the price goes up. |
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