Economy and Entrepreneurship

What is an example of a WANT?

• food

• clothing

• T.V.

What is an example of a NEED?

• food

• Nikes

• T.V.

What are examples of RESOURCES that a business needs to be successful?

• capital resources- money

• human resources - people

• raw materials-used to make products

• ALL OF THE ABOVE

What is a producer?

• someone who buys a product or service

• someone who makes and sells a product or service

• work that someone does for someone else

What is a consumer

• someone who buys a product or service

• someone who makes and sells a product or service

• work that someone does for someone else

What is a product?

• work that someone does for someone else

• a good that can be sold

• someone who buys a product or service

What is a service?

• Someone who buys a product or service

• A good that can be sold

• Work that someone does for someone else

8. What is an example of a SERVICE?

• Coke

• Nikes

• dog walking

9. What is an example of a PRODUCT?

• dog walking

• Nail Salon

• Nikes

10. What is SUPPLY?

• The amount of the good or service that exists.

• How much people want that product or service.

• Someone who makes and sells a product or service.