Principles of Business Chapter 1

The difference between income earned and expenses incurred by a business is called

What is the term for all activities involved in developing and exchanging products?

Something a person must have to survive.

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

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

An organized way in which a nation chooses to use its resources to create goods and services.

The level of material comfort measured by the goods, services, and luxuries available.

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

When demand is higher than the available resources it leads to this

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