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Stack #4700377
| Question | Answer |
|---|---|
| A person who buys goods and services. | consumer |
| An organization or activity that provides goods or services to costumers in exchange for money. | business |
| Products you can see and touch. | goods |
| Work someone does for you. | services |
| A person who buys goods and services. | consumer |
| Money left after a business pays its expenses. | profit |
| profit = money earned - expenses | Profit formula |
| Sales = $53; expenses = $25; profit = $28. | Lemonade example |
| Sales are not the same thing as profit. A business must subtract its expenses. | important point |
| Goods and services that people value. | Business provide |
| Create jobs, solve problems | Business also |
| Business provide for costumers. | competetion |
| Better products, more choices, new ideas innovation, and better prices. | competition can lead to |
| Businesses have to work to earn your business. | consumer benefit |
| How do businesses know what people want to seal products. | Key question |
| Businesses use information about costumers wants, needs, lifesaver, and value. | Answer |
| Services helps businesses understand choices, wants, needs, and resources. | Connection |
| The study of how people make choices when they have unlimited wants and needs but limited resources. | Economics |
| Producing, selling, buying, or exchanges 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 |
| people and businesses use goods and services to meet wants and needs. | key idea |
Created by:
31acarbajal