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Stack #4700506

QuestionAnswer
A person who buys goods and services Consumer
An organization that provides goods to costumers 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 expenses Profit
Profit = money from sales - expenses 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 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 materials 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 scarce when compared with peoples wants and needs Scarcity
Businesses provide goods and services that people value Businesses Provide
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 products Competition Leads To
Created by: chatton
 

 



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