Business & Economic Basics Review Flashcards
Is the activity of making profit by producing and selling consumers goods and services in exchange for money.
Business
the money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society.
Profit
to help people improve their lives by providing goods and services they value more highly than their other options.
Role of a Business
products created by businesses that you can physically touch and see.
Good
work that businesses preform for consumers.
Services
The contest between businesses to win over consumers
Competition
an individual who buys goods and services from businesses.
Consumer
the study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.
Economics
Items that people can use to make or obtain what they need and want.
Resources Definition
Money, Labor, and Materials
Resources
to sell you goods and services in order to try and add value to society.
Motive of a Business
the activity of producing and selling of goods or services and making them available to all consumers.
Economic Activity
