3.6abc Economics

Economics

• the way that people choose to make, buy, sell, and use things

• the business environment where people have freedom as consumers and producers

• someone who buys goods or services

Economic Consumer

• someone who makes and sells goods or provides a service

• someone who buys goods or services

• a business person who is willing to risk financial loss for financial gain

Economic Producer

• someone who makes and sells goods or provides a service

• someone who buys goods or services

• the way that people choose to make, buy, sell, and use things

Scarcity

• the cost of materials + labor + expenses

• the lack of goods or services; supply is low. When consumers want more than the amount of available product.

• the lack of goods or services; supply is low. When consumers want more than the amount of available product.

Cost of production

• the cost of materials + labor + expenses

• the lack of goods or services; supply is low. When consumers want more than the amount of available product.

• someone who makes and sells goods or provides a service

Selling Price

• the price where consumers are willing to pay for a good or service

• a business person who is willing to risk financial loss for financial gain

• the money made by a business after paying all expenses

Profit

• the money made by a business after paying all expenses

• the lack of goods or services; supply is low. When consumers want more than the amount of available product.

• someone who makes and sells goods or provides a service

Entrepreneur

• the lack of goods or services; supply is low. When consumers want more than the amount of available product.

• the business environment where people have freedom as consumers and producers

• a business person who is willing to risk financial loss for financial gain

• the cost of materials + labor + expenses

Free Enterprise System

• the price where consumers are willing to pay for a good or service

• someone who makes and sells goods or provides a service

• the business environment where people have freedom as consumers and producers