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Stack #4700322
| Question | Answer |
|---|---|
| person who buys goods or services | consumer |
| an organization that provides goods or services to customers for money | business |
| products you can see and touch | goods |
| work someone does for you | services |
| a person who buys goods or services | consumer |
| money left after a business pays its expenses | profit |
| money earned - expenses | profit formula |
| goods and services that people want or need | businesses provide |
| the study of how people make choices when they have unlimited wants and needs but limited resources | economics |
| producing selling buying or exchanging goods and services | economic activity |
| things people must have to live or function | needs |
| things people and businesses use to meet wants and needs | resources |
| funds used to buy what is needed | money |
| the work people do | labor |
| supplies and items used to make products | materials |
| people can think of almost endless things they want or need | unlimited wants |
| no person business or country has enough resources to get everything it wants | limited resources |
| resources are limited compared with peoples wants and needs | scarcity |
| take care of needs first then use resources left over for wants | simple rule |
| making smart choices with limited resources is an important business and life skill | life skill |
| better prices more choices and better product | compitetion leads to |