Economics and Marketing

Things that a person thinks he or she must have in order to be satisfied.

• Needs

• Wants

Revenue - cost = __________

• Profit

• Supply

• Demand

This deals with the making, distributing, selling, and purchasing of goods and services.

• Limited resources

• Economics

The quantity of a good or service that consumers are willing to buy at a given price.

• Supply

• Demand

The quantity of a good or service a producer is willing to produce at different prices.

• Supply

• Demand

Activities that a business performs for money.

• Goods

• Services

Things that a person must have in order to survive.

• Needs

• Wants

Physical things you can touch.

• Goods

• Services

No person, business, or nation has enough resources to satisfy all their wants and needs.

• Limited resources

• Unlimited resources

Which of these is considered a need?

• Shelter

• The latest iPhone

• Designer clothes

• Internet connection