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BenFranklin BizTown1

"Ben's" Biztown 1

Public Goods and Services Goods and services paid for with taxes. Many people benefit from these even if they don't pay for them.
Private Goods and Services Goods and services that are paid for by the people who are using them. Not paid for with taxes.
Taxes Required payments to government. Used to pay for public goods and services.
Prototype A model or sample of a product to be made or produced.
Scarcity A situation where there is not enough of what people want.
Free Enterprise A system in which economic decisions are made in markets by people and businesses, with little government influence.
Profit The money that is left over after a business pays all its costs.
Citizen A member of a town, city, county, state, or country.
Community A place where people live, work, trade, and share.
Trade Exchange goods and services - usually for money.
Business A company that sells goods and/or services
Philanthropy The effort to increase the well-being of people through charitable giving. This is a VERB.
Nonprofit Organizations These organizations (businesses) help to increase the well-being of people, education, animals, health, religion and other good causes. Examples are animal shelters, Goodwill, schools. They don't make a profit.
Opportunity Cost The value of the next best alternative that you give up when a choice is made.
Created by: pagelsdc