Chapter 1 Review

Anywhere a business exchange takes place:

• Customer

• Market

• Scarcity

• Business

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

• Capitolism

• Service

• Profit

• Market

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

• Capitalism

• Service

• Scarcity

• Product

Anything that can be bought and sold.

• Market

• Product

• Service

• Factor of production

When demand is higher than the available resources.

• Economics

• Business

• Service

• Scarcity

An individual or group who buys products.

• Business

• Customer

• Profit

• Product

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

• Profit

• Factors of production

• Customer

• Service

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

• Business

• Market

• Economics

• Capitalism

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

• Business

• Customer

• Factors of Production

• Service

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

• Economics

• Market

• Scarcity

• Business