Vocabulary
A physical thing you can buy from the store. (You can hold it in your hands)
What is a Product?
Goods and services that we don’t necessarily need, but wish we had. Think of them as luxuries, but not things we need to survive.
What is Wants?
Are resources limited?
What is YES?
The overall goal of supply and demand is to always be _________
What is Even/the Same?
Who is the reason McDonald's expanded into what it is today?
Who is Ray Kroc?
Money owed to another person or company
What is Debt?
This is a score you get from paying off past debts, it's like a grade for your ability to pay off debts.
What is credit score?
The process of making or manufacturing goods and products from raw materials or components.
What is Production?
What is Transportation?
Who is the owner of Tesla?
Who is Elon Musk?
A spending plan based on your income and expenses.
What is Budgeting?
Who fills out the W-4 tax form?
What is the employer?
The process of planning, organizing, directing, and controlling the activities of a business to help achieve its goals.
What is Management?
This is where products are sold. The last stage in the supply chain.
What is retail?
Who is the current owner of Amazon?
Who is Jeff Bezos?
When you have paid off your debt you will receive this.
What is Credit?
This type of budget makes you feel like you have no money left over each month.
What is Zero-Based Budgeting
These are the activities that companies undertake to promote the buying or selling of their products or services.
What is Marketing?
The stage in the supply chain where materials are grown or raised.
What is the Farm/Production Stage?
What is the name of the person who founded Microsoft?
Who is Bill Gates?
The total amount of a specific good or service that is available to customers
What is Supply?
This type of budget is somewhat unrealistic and doesn't work for everyone who uses it. (Think about numbers)
What is 50/30/20 budgeting?
This is all about the numbers and financial statements.
What is Accounting?
The stage where products are prepared to be sent to retail stores. Usually consists of cleaning, packaging, freezing, etc.
What is Processing?
Who is the owner of Netflix?
Who is Reed Hastings?