Economics Review

As a consumer, this is the thing you give up when making a choice.

• profit

• opportunity cost

• loss

• reward

When a business faces a problem and has to make a tough decision, this is what it means when they face a possible loss.

• loss

• reward

• problem

• risk

The difference between the money people make when they produce a good or service, and the money they spend on expenses.

• profit

• revenue

• reward

• cash

The value of a good or service, stated in money terms.

• amount

• cost

• price

• money

When a business spends more in expenses than they earn in revenue, they suffer a

• headache

• ruined business

• risk

• loss

The people who buy goods or services.

• customers

• citizens

• shoppers

• buyers

Hayley made $30,000 selling her bracelets, before she subtracted her expenses. $30,000 is her total

• profit

• revenue

• gain

• reward

The owner of the lemonade stand just found out that his supplier couldn't deliver lemons that week. He decided to change supplier and his customers ended up loving the new lemonade! He earned a _______ by making that tough choice.

• reward

• new car

• happy customer

• profit

The resources you need to start a business are called:

• resources

• tools

• expenses

• supplies

True or False: when starting a business, an entreprenuer should start advertising their product before purchasing resources.

• True

• False