What is Production?

• Production is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

• Production is an activity related to selling or the number of goods or services sold in a given time period.

• Production is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Production is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

What is Demand?

• Demand is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

• Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Demand is an activity related to selling or the number of goods or services sold in a given time period.

• Demand is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

What is Sale?

• Sale is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Sale is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

• Sale is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

• Sale is an activity related to selling or the number of goods or services sold in a given time period.

What is Supply?

• Supply is an activity related to selling or the number of goods or services sold in a given time period.

• Supply is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

• Supply is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

Who is a Producer?

• A producer is someone who grows or makes something to be sold.

• Consumers are people who use goods or services.

Who is a Consumer?

• A producer is someone who grows or makes something to be sold.

• Consumers are people who use goods or services.

What is Cost?

• The amount a producer spends on producing a good or service.

• The amount he or she sells the product for.

• The actual earning.

• When the selling price is less than the cost.

What is Price?

• When the selling price is less than the cost

• the actual earning

• The amount he or she sells the product for

• The amount a producer spends on producing a good or service

What is a Profit?

• When the selling price is less than the cost

• the actual earning

• The amount he or she sells the product for

• The amount a producer spends on producing a good or service

What is Loss?

• When the selling price is less than the cost

• the actual earning

• The amount he or she sells the product for

• The amount a producer spends on producing a good or service