Chapter 1: Business & Economic Basics

Refers to the aspects of making, selling, and providing goods and services in exchange for money.

• Business

• Business Activity

• Economics

• Markets

• Economic Activity

Anything a business does to generate profit

• Profit

• Economic Activity

• Markets

• Business Activity

• Customers

Products created by businesses that you can physically touch and see.

• Wages

• Goods

• Profit

• Economic Resources

• Services

Work that businesses preform for consumers

• Product

• Want

• Services

• Goods

• Need

An individual who buys goods and services from businesses.

• Wages

• Markets

• Profit

• Consumer

• Business Activity

The money businesses get to keep after paying off expenses.

• Profit

• Wages

• Wants

• Consumer

• Economic Activity

The study of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.

• Business

• Business Activity

• Economics

• Economic Activity

• Markets

The production, distribution, and consumption of goods and services.

• Business

• Business Activity

• Economics

• Economic Activity

• Product

The goods and services businesses use to meet consumer wants and needs.

• Business

• Business Activity

• Economic Resources

• Product

• Economics

A product that is desired but can be lived without.

• Goods

• Need

• Profit

• Services

• Want