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QuestionAnswer
A person who buys goods and services. Consumer
An organization that provides goods or services. Business
Products you can see and touch. goods
work someones does for you. Services
A person that buys the goods or services. Consumer
Money left after a business pays it's expenses. Profit
Profit= money earned- expenses Profit Formula
Goods and services that people want and need. Business provide
The study of how people make choices when they have unlimited wants and need 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 would like to have but can live without. Wants
Things people and business use to meet wants and needs. Resources
People can think of almost endless things they want or need. Unlimited wants
No person, business. or country has enough resources to everything it wants. Limited resources
Resources are limited compared with people's 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. Competition leads to
 

 



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