Intro to Business Chapter 1

Activities provided for the satisfaction of others

• Service

• Good

Produced the way it has always been

• Traditional

• Command

• Mixed

• Market

resources owned and controlled by government

• Command

• Traditional

• Market

• Mixed

When the people want something badly so the price may go up

• Demand

• Supply

Items people use to produce things

• Resources

• Goods

• Products

• Money

Why people choose to use their money

• Economics

• Hungry

• Thirsty

• Candy

Choose one thing and give up another

• Opportunity Cost

• Sell Off

• Give in

• Trade Up

Something you can live without but still buy

• Need

• Want

Not enough of something

• Scarcity

• Rarity

• Pizza

• Yeets

People who buy goods and services

• Producer

• Consumer

• Buyer

• Seller