Vocabulary 1
Things that encourage us to take action, such as making a purchase.
Incentives
The process of hiring people to work outside of a company.
Outsourcing
Who is person who starts and runs a business?
An entrepreneur
This is something you need to live, like food or water
A need
The difference between a business's total sales and the business's total expenses.
Profit
The amount a company can produce with a certain amount of labor
Productivity
What is the goal of a business?
To make profit
A new phone or video game is an example of this
A person or company who makes a good or service to sell to others.
Producer
The use of public notices to bring attention to a product or service
Advertising
Yes or no - Does Chick Fil A provide goods and services?
Yes.
Basic clothing is considered a:
Need
The separation of a work process into a number of different jobs.
Division of labor
Inflation
The rise in prices of needs such as food, shelter, and basic clothing.
Give me three examples of businesses that sell products.
Answers will vary.
Going out for ice cream, when you already have ice cream at home is:
A want
New inventions or ways of doing things.
Innovations
Someone who buys a good or service
Consumer
Annie spent $100 on fuzzy flip flop supplies. She sold 10 pair of flip flops for $10 each. Did she make a profit?
No.
Name three needs and three wants:
Answers will vary