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Stack #4700504

TermDefinition
person who buys goods or services consumer
an organization that provides goods or services to customers in exchange for money business
products you can see or touch goods
work someone does for you services
money left after a business pays its expenses profit
money earned - expenses = profit profit formula
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 business 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 to people's wants and needs scarcity
taking care of needs first; then using resources left over for wants simple rule
making smart choices with limited resources life skill
competition leads to... better prices, more choices, and better products
Created by: JDeleon
 

 



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