Principles of Business- Unit 1

Means from which goods and services are produced

• Natural Resources

• Economic Resources

• Human Resources

• Capital Resources

The point where supply and demand meet

• Market price

• Market Economy

• Free Enterprise

• Marketplace

The right to purchase, use, and discard of things of value

• Mixed Economy

• Private Property

• Command Economy

• Market Price

Goods and money used in the production of goods and services

• Economic Resources

• Human Resources

• Natural Resources

• Capitol Resources

Economic system in which the government owns resources

• Command Economy

• Mixed Economy

• Market Economy

• Competition Economy

Combines elements of the command and market economies

• Market Price

• Command Economy

• Mixed Economy

• Traditional Economy

Goods and services are owned by the people

• Command Economy

• Market Economy

• Mixed Economy

• Market Price

Businesses that offer the same goods to the same customers

• Consumers

• Competitors

• Services

• Goods

Trade-off is the process of giving up something for gaining something else

• True

• False

Profit is the money left after selling goods and operating costs have been paid

• True

• False