Unit 1: Business & Economic Basics

Define "business"

• the activity of making profit by

  producing and selling consumers goods

  and services in exchange for money.

• the money businesses get to keep

  after paying off expenses. Profits are a

  measure of the value it creates in society.

• No person, business, or nation has enough resources to satisfy all of their

  wants and needs.

• the activity of

  producing and selling goods or

  services and making them

  available to all consumers.

Define "goods"

• products created by businesses

  that you can physically touch and see.

• work that businesses

  perform for consumers.

• a individual who buys goods

  and services from businesses.

• the money businesses get to keep

  after paying off expenses.

Define "services"

• work that businesses

  perform for consumers.

• the study of how

  individuals behave when it comes

  to satisfying their unlimited wants

  and needs with limited resources.

• the activity of

  producing and selling goods or

  services and making them

  available to all consumers.

• something that you can obtain when you need it.

Define "consumer"

• No person, business, or nation has enough resources to satisfy all of their

  wants and needs.

• an individual who buys goods

  and services from businesses.

• the activity of making profit by

  producing and selling consumers goods

  and services in exchange for money.

• products created by businesses

  that you can physically touch and see.

Define "profit"

• the money businesses get to keep

  after paying off expenses.

• work that businesses

  perform for consumers.

• an individual who buys goods

  and services from businesses.

• the study of how

  individuals behave when it comes

  to satisfying their unlimited wants

  and needs with limited resources.

Define "economics"

• the study of how

  individuals behave when it comes

  to satisfying their unlimited wants

  and needs with limited resources.

• the activity of

  producing and selling goods or

  services and making them

  available to all consumers.

• something that you can obtain when you need it.

• No person, business, or nation has enough resources to satisfy all of their

  wants and needs.

Define "economic activity"

• the activity of

  producing and selling goods or

  services and making them

  available to all consumers.

• the activity of making profit by

  producing and selling consumers goods

  and services in exchange for money.

• products created by businesses

  that you can physically touch and see.

• work that businesses

  perform for consumers.

Define "resources"

• something that you can obtain when you need it.

• an individual who buys goods

  and services from businesses.

• the money businesses get to keep

  after paying off expenses.

• the study of how

  individuals behave when it comes

  to satisfying their unlimited wants

  and needs with limited resources.

Define "limited resources"

• No person, business, or nation has enough resources to satisfy all of their

  wants and needs.

• the activity of

  producing and selling goods or

  services and making them

• something that you can obtain when you need it.

• products created by businesses

  that you can physically touch and see.

Scarcity is

• the concept that resources are only available in limited supply, whereas society's demand for those resources is unlimited.

• the activity of making profit by

  producing and selling consumers goods

  and services in exchange for money.

• the money businesses get to keep

  after paying off expenses. Profits are a

  measure of the value it creates in society.

• No person, business, or nation has enough resources to satisfy all of their

  wants and needs.