click below
click below
Normal Size Small Size show me how
Stack #4700543
| Question | Answer |
|---|---|
| An organization that provides goods and services to consumers in exchange for money | Business |
| Person who buys goods and services | Consumer |
| Products you can see and touch | Goods |
| Work someone does for you | Services |
| Money left over after a business pays it's expenses | Profit |
| Profit = Sales - Expenses | Profit Formula |
| Goods and services that people value | Businesses provide: |
| Better products, more choices, new ideas/innovations, and better prices. | Competition can lead to: |
| The study of how people make choices when they have unlimited want and needs but limited resources | Economics |
| Producing, selling, buying, or exchanging goods and services | Econonic activity |
| 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 to peoples wants and needs | Scarcity |
| Take care of needs first; the use resources left over for wants | Simple rule |
| Making smart choices with limited resources is an important business and life skill | Life skill |