Business Environment Ch1

Anywhere a business exchange takes place.

• economics

• customer

• market

• scarcity.

• product

An individual or group who buys products.

• economics

• customer

• market

• scarcity.

• product

A science that examines how goods and services are produced, sold, and used.

• economics

• customer

• market

• scarcity.

• product

Anything that can be bought and sold.

• economics

• customer

• market

• scarcity.

• product

When demand is higher than the available resources.

• economics

• customer

• market

• scarcity.

• product

An action or task that is performed, usually for a fee.

• business

• profit

• capitalism

• factors of production

• service

A term for all the activities involved in developing and exchanging products. Introduction to Business and Economics.

• business

• profit

• capitalism

• factors of production

• service

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

• business

• profit

• capitalism

• factors of production

• service

Money that a business has left over after all the expenses and costs of running the business are paid.

• business

• profit

• capitalism

• factors of production

• service

The economic resources a nation uses to make goods and supply services for its population.

• business

• profit

• capitalism

• factors of production

• service