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Stack #4700379

QuestionAnswer
person who buys goods and services Consumer
An organization or activity that provides goods or services to customers in exchange for money Business
Products you can see and physically touch Goods
Work or an activity a business performs for a customer Services
Money left after a business pays its expenses Profit
Profit + Money from sales - expenses Profit formula
goods and services that people want and need Businesses provide
The study of how people make choices when they have unlimited wants and needs but limited resources economics
Things people must have to live or function needs
things people would like to have but can live without wants
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 people's wants and needs scarcity
Take care of needs first; then use resources left over for wants simple rule
learning to make smart choices with limited resources Business life skill
better prices, more choices, and better product competition leads to
Created by: rmitschke1121
 

 



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