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Chapter 1 Vocab

PrinBMF

TermDefinition
Business The term for all the activities involved in developing and exchanging products.
Product Anything that can be bought or sold.
Market Anywhere buyers and sellers meet to buy and sell goods and services.
Customer Individual or group who buys products.
Service Action or task that is performed.
Need Something a person must have in order to survive.
Profit Difference between the income earned and expenses incurred.
Wages Money earned in exchange for work.
Want Something that a person desires, but can survive without.
Consumer Customers who purchase goods and services for their own use.
Economics Science that examines how goods and services are produced, sold, and used.
Labor Work performed by people in organization.
Production Economic resources a nation uses to make goods and supply services for its population.
Capital The tools, equipment, and machinery used to produce goods or provide services.
Entrepreneurship Willingness and ability to start a new business.
Scarcity When demand is higher than the available resources.
Economic System Organized way in which a nation chooses to use its resources to create goods and services.
Competition Actions taken by two or more businesses attempting to attract the same customers
Mixed Economy Economy in which both the government and individuals make decisions about economic resources.
Command Economy Economy in which the government makes all the economic decisions for its citizens.
Created by: bwilber
Popular Business sets

 

 



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