Business and Economics Basics

Front

Business

Back

any activity that seeks to provide goods and services to others while operating at a profit

Front

Profit

Back

the money left over after a business has paid the cost of providing its goods and services

Front

Competition

Back

the contest between businesses to win customers

Front

Market Research

Back

the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market

Front

Consumer

Back

A person who buys and uses goods and services

Front

Scarcity

Back

lack of enough resources to satisfy all desired needs and wants

Front

Factors of Production

Back

all the economic resources necessary to produce a society's goods and services

Front

Natural Resources

Back

raw materials from nature that are used to produce goods

Front

Labor Resources

Back

people who make the goods and services for which they are paid

Front

Capital Resources

Back

the things used to produce goods and services, such as buildings, materials, and equipment