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Stack #4700562

QuestionAnswer
A person who loved goods and services. Consumer
Looking at products and services from the point of view of how a business creates value and earns money. Business Mindset
An organization or activity that provides goods or services to customer in exchange for money Business
Products you can see and physically touch Goods
Work or an activity a business preforms for a customer Services
A person who buys goods or services Consumer
Money left after a businesses pay its expenses Profit
Profit=money from sale-Expenses Profit Formula
Goods and services that people want and need Businesses Provide
Better products, more choices, new ideas/innovation, 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, or exchanging goods and services. Economic 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 anything 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: areynolds
 

 



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