Business vs Economics (Part 1)
Anything that can be bought or sold.
What is a Product?
Resources include all of a nation's natural resources, or raw materials found in nature.
What is Land?
What a business owns.
What is Assets?
Something essential to survival
What is a Need?
Money earned in exchange for work
What is Wages?
Refers to the aspects of making, selling, and providing products in exchange for money.
What is Business?
Refers to the equipment a business uses to produce goods and provide services.
What is Capital?
Anything a business does that helps it generate a profit.
What is a Business activity?
We desire but could ultimately live without.
What is a Want?
Mandatory payments to the local, state, and national government for public services.
What are Taxes?
Using money to create wealth over time.
What is an Investment?
What is Labor?
What a business owes.
What is Liabilities?
Tangible items that are produced and sold to customers.
What is a Good?
Series of documents that serve as a blueprint for building a business.
What is a Business plan?
Science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.
What is Economics?
The production, distribution, and consumption of goods and services.
What is Economic activity?
Goal of a business is to earn money by making a _____.
What is Profit?
Performance task in exchange for money.
What is a Service?
Refers to the level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area.
What is Standard of living?
Organized way in which a state or nation distributes its resources and provides goods and services to the community.
What is Economic system?
Are the goods and services businesses use to meet consumer wants and needs.
What are Economic resources?
Refers to the total value of a business determined by assets minus liabilities.
What is Net worth?
People who purchased goods and services.
What is a Customer?
Person who organizes, operates, and assumes the risk for a business venture.
What is an Entrepreneur?