Introduction to Business and Economics

Money that a business has left over after all the expenses and costs of running the business are paid.

• Economics
• Profit
• Capitalism
• Service

An economic system where the economic resources are privately owned by individuals rather than the government.

• Busienss
• Scarcity
• Capitalism

Anything that can be bought and sold.

• Factors of Production
• Customer
• Product

When demand is higher than the available resources.

• Scarcity
• Market
• Capitalism
• Factors of Production

An action or task that is performed, usually for a fee. 

• Service
• Profit
• Customer
• Economics

An individual or group who buys products.

• Product
• Business
• Customer
• Service

A science that examines how goods and services are produced, sold, and used. 

• Factors of Production
• Capitalism
• Profit
• Economics

The economic resources a nation uses to make goods and supply services for its population.

• Product
• Market
• Scarcity
• Factors of Production

A term for all the activities involved inn developing and exchanging products.

• Service
• Business
• Profit
• Market

Products are commonly known as

• needs and wants
• goods and services
• factors of production
• functions of business