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Stack #4700512
| Question | Answer |
|---|---|
| person who buys goods and services | consumer |
| organization that provided good or service | business |
| product you can see and touch | good |
| work someone does for you | service |
| money left after a business pays expenives | profit |
| money earned-expensives | profit formula |
| the study of how people make choices when they have unlimited wants and needs but limited reasources | economics |
| things people must have to live oror 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 whats 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 peoples 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 |