Economics
A science that examines how goods and services are produced, sold, and used
What is Economics?
all the activities involved in developing and exchanging products
What is business?
What is unlimited?
Factors of production
What is land, labor, capital, entrepreneurship?
provide products, creating markets, generate economic benefits
What is business benefits?
Unlimited wants cannot be filled with ___ resources.
What is limited?
limited resources+ unlimited wants =
What is scarcity?
anywhere buyers and sellers meet to buy and sell goods and services
What is market?
is having a nice dress to wear for a wedding a need or want?
What is a want?
What should we produce?
How should we produce it?
For whom should we produce it?
What is scarcity leading to 3 economic questions?
the difference made between the income earned and expenses incurred by a business during a specific period of time
What is profit?
food and water
Traditional Economy, Command Economy, Market Economy
What is 3 types of economy?
production, finance, marketing, management
What is 4 functions of business?
business provides products to meet a ____
What is a need or want?