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Stack #4700553

QuestionAnswer
Person who buys goods and services Consumer
Organization that provides goods and services to customers Business
Products you can see or touch Goods
Work someone does for you Services
Money left after expenses Profit
Sales$-expenses Profit Formula
Goods and services that people value Businesses Provide
Better products, more choices, new ideas, and better prices Competition Can Lead To
The study of how people make choices when they have unlimited wants and needs but limited resources Economics
Producing, selling, buying, exchanging goods and services Economic Activity
Things people must have to function and live Needs
Things people would want but they can live without Wants
Things people and businesses use to meet wants and needs Resources
funds used by what is needed Money
The work people do Labor
Supplies and items used to make products Materials
People can think of almost endless 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
Making smart choices with limited resources is an important business and life skill Life Skill
Created by: 31jhughes
 

 



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