Ag Business

Front

What is a service?

Back

A service is an intangible product that involves a deed, a performance, or an effort that cannot be physically possessed. Example: fixing a sink.

Front

What are goods?

Back

Goods are physical items that can be touched and seen. Example: food, clothing, and electronics.

Front

What is profit?

Back

Profit is the amount of money a business has left after all expenses and bills have been paid. It is a key indicator of business success.

Front

What happens to the price of a popular product when supply is low?

Back

The price will go up due to increased demand and limited availability.

Front

What is supply?

Back

Supply refers to the total amount of a good or service that is available for purchase at any given price.

Front

What is demand?

Back

Demand is the desire of consumers to purchase goods and services at a given price.

Front

What is opportunity cost?

Back

Opportunity cost is the value of the next best alternative that is forgone when making a decision.

Tags

NGSS.HS-ESS3-2

Front

What is a trade?

Back

A trade is the exchange of goods or services between parties.

Front

What is a consumer?

Back

A consumer is an individual or group that purchases goods and services for personal use.

Front

What is a producer?

Back

A producer is an individual or business that creates goods or provides services.