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Intro Busn

Unit 1: Business & Economic Basics

What are the 3 main resources? Money, Labor, Materials
What is the biggest economic problem in our society? Limited Resources
Businesses ask themselves what questions? What materials do we need to buy? How do we produce these goods? Who are we providing these products for?
Business the activity of making a profit by producing and selling consumers goods and services in exchange for money
Profit the money businesses get to keep after paying off expenses
Role of Business to help people improve their lives by providing goods and services they value more highly than their other options
Goods products created by businesses that you can physically touch and see
Services work that individuals perform for consumers
Consumer an individual who buys goods and services from businesses
Econonics the study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources
Economic Activity the activity of producing and selling goods or services and making them available to all consumers
Why do consumers buy products and services from businesses? Because the business(es) satisfy the consumers wants and needs.
True/False? Businesses need to make a profit to stay up and running. TRUE
True/False? Businesses help our economy by providing individuals with jobs. TRUE
True/False? Businesses can tell if consumers like what they are making and selling through how much profit they are making. TRUE
True/False? Consumers wants and needs never change. FALSE
True/False? The simple rule that businesses and consumers should follow is to always fulfill your needs first and your wants last. TRUE
True/False? A business needs to work about continually improving the value it creates for consumers and society. TRUE
Created by: user-2055374
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