Business & Economic Basics

Define Goods

• things you bought

• delicious candy

• pizza

•  products created by businesses that you can physically touch and see

Define Services

• work that businesses perform for consumers

• hot air balloon

• a stapler

• a type of shirt

Define Consumer

• a doctor

• a bus driver

• a babysitter

• an individual who buys goods and services from businesses

Define profit

• the money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society

• The management of making hamburgers at McDonalds

• Profits are a measure of the value it creates in society

• Finding the best taco in town

Define Economics

• money making

•  the study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources

• the study of profit coming in and going out

• making ice cream at Salt & Straw

Define Economic Activity

• selling at the Saturday Market

• buying oranges at a Farmer's Market

• the activity of producing and selling goods or services and making them available to all consumers

• lunch at Red Robin

Define Resources

• people broke into 3 categories

• a sub sandwich with extra pickles

• car parts that help fix your car

• something that you can obtain when you need it. It is usually broken down into 3 categories

Define Limited Resources

• not having money to buy items

• not finding what you want for lunch

•  not being able to satisfy all of your wants and needs because resources are scarce

• not being able to satisfy all of your wants and needs because you have your eyes closed

What do businesses try and fulfill for consumers?

What are 3 resrouces?