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When the amount of money a person or company spends is more than they receive or take in
Loss
Profit
The positive gain from an investment or business after subtracting expenses.
Consumer
Anyone who buys a good or service.
Loss
When the amount of money a person or company spends is more than they receive or take in.
The positive gain from an investment or business after subtracting expenses.
Profit
The money that the government collects from individuals and business to pay for public goods and services
Taxes
Scarcity
There is a limited supply of something.
When an individual or a company does one part of a task and relies on others to complete the other parts of the task
Specialization
Taxes
The money that the government collects from individuals and business to pay for public goods and services
There is a limited supply of something.
Scarcity
Something you can feel or any kind of merchandise
Good
Service
Any kind of work performed for others.
Entrepreneur
A person who comes up with a product or service, or a better way to produce one
Good
Something you can feel or any kind of merchandise
Any kind of work performed for others.
Service
The amount of something available for use
Supply
Economics
The study of the making, buying, and selling of goods and services.
The process of choosing one good or service over another
Opportunity Cost
Supply
The amount of something available for use
The study of the making, buying, and selling of goods and services.
Economics
How much of a product or service is desired by buyers
Demand
Producer
Anyone who makes or grows a good or performs a service.
Interdependence
When people depend on one another.
Demand
How much of a product or service is desired by buyers.
Anyone who makes or grows a good or performs a service.
Producer