Shrewsbury Principles of Business

Individual or group who buys products--

• Competition

• Customer

• Business Cycle

• Labor

Level of material comfort measured by the goods, services, and luxuries available--

• Grose Domestic Product

• Labor

• Standard of Living

• Product

The value of the next best option that was not selected--

• Need

• Loss

• Gross Domestic Product

• Opportunity Cost

Products businesses use to produce other goods--

• Labor

• Products

• Capital Goods

• Wants

Actions taken by two or more businesses attempting to attract the same customers--

• Conflict

• Argument

• Competition

• Scarcity

When demand is higher than the available resources--

• Surplus

• Balance

• Scarcity

• Need

Organized way in which a nation chooses to use its resources to create goods and services--

• Business Cycle

• Economic System

• Gross Domestic Product

• Production

Willingness and ability to start a new business--

• Ambition

• Capitalism

• Entrepreneurship

• Trade Off

Something a person must have to survive--

• Desire

• Want

• Need

• Product

When an item is given up in order to gain something else--

• Recession

• Need

• Opportunity Cost

• Trade Off