Lesson 1 Flashcards
1
Q
Consumer good
A
Good or service produced for consumer
2
Q
Producer good
A
Sold to another business
3
Q
Entrepreneur
A
Business owner
4
Q
Economic problem
A
When there is unlimited needs and wants but limited resources
5
Q
Profit
A
Amount left over from the sales after paying all their costs
6
Q
What is the equation for profit
A
Profit=revenue-costs
7
Q
What is revenue
A
The income from selling goods and services
8
Q
What are costs
A
Expenses the business must pay for
9
Q
What do we have to do to increase profits
A
Increase the revenue or decrease the costs
