Intro to Business

Individual or group who buys a product

• customer

• market economy

• wages

• profit

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

• capitalism

• law of supply and demand

• capital

• standard of living

A physical item that can be touched.

• wage

• systematic decision-making

• opportunity cost

• good

Customers who purchase goods and services for their own use.

• trade-off

• scarcity

• consumer

• wages

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

• law of supply and demand

• wages

• traditional economy

• business

The organized way in which a nation chooses to use its resources to create goods and services.

• want

• entrepreneurship

• economic system

• market economy

All the tools, equipment, and machinery used to produce goods or provide services.

• traditional economy

• market

• labor

• capital

Anywhere buyers and sellers meet to buy and sell goods and services

• command economy

• mixed economy

• market

• law of supply and demand