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Vocab

TermDefinition
Consumer Someone who buys goods or services
goods products you can touch
profit money after expenses are paid
Profit formula sales money-expenses
businesses provide goods and services that people value
competition leads to better products, choices, ideas, and prices
economics the study of how people make choices when people have unlimited wants and needs but limited resources
economic activity producing, selling, buying, or exchanging goods and services
needs something people must have to live or function
wants things people would like to have but can live without
resources things people and businesses use to meet wants and needs
money funds used to buy what is needed
labor the work people do
material supplies and items used to make products
unlimited wants people can think of almost endless things they want or need
limited resources No person, business, or country has enough resources to get everything it wants
scarcity resources are limited compared with people's wants or needs
simple rule take care of needs first; then use resources left over for wants
life skill making smart choices with limited resources is an important business or life skill
Created by: 31JWinchester
 

 



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