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Business vocab No. 1

QuestionAnswer
Person who buys goods and services Consumer
An organization that provides goods and services to consumers in exchange for money Business
Products you can see and touch Goods
Work that someone does for you Services
Money left over after a business pays it's expenses Profit
Sales - Expenses Profit formula
Goods and services that people want and need 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, 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 use to meet wants and needs Resources
Fund used to buy what is needed Money
The work people do Labor
Supplies and items used to make products Materials
Money, labor, and materials The three basic resources
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 people's 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: 31ecoleman
 

 



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