Chapter 1 Intro business

Refers to the aspects of making, selling, and providing products in exchange for money

• Product

• Business

• Service

• Economic system

an organized way in which a state or nation distributes its resources and provides goods and services.

• Business

• Product

• Economic System

• Natural Resource

is the science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with lited resources.

• Business

• Product

• Natural Resouce

• Economic

An object that can be bought and sold.

• Business

• Product

• Service

• Economic

The title of the person that decides the company's vision balances economic resources, make ethical decisions and create a positive work environment.

• Manager

• Employee

• CEO Chief Executive Officer

is the financial gain calculated by the difference between the amount earned and the amount spent by a business

• Liabilities

• Assets

• Net Worth

• Profit

refers to the total value of a business determined by assets minus liabilities

• Liabilities

• Assets

• Net Worth

• Profit

are what a business owns

• Liabilities

• Assets

• Net Worth

• Profit

are what a business owes

• Liabilities

• Assets

• Net Worth

• Profit

involves all activities concerning the creation of products

• Finance

• Marketing

• Management

• Production