Business
What is a Product?
Anything that can be bought or sold.
Is a Cell Phone a need or a want?
Want..
What is a Surplus?
An excess of production or more supply than demand.
What is a market?
Anywhere buyers and sellers meet to buy and sell goods and services.
Is Food a need or a want?
Need.
Yes.
What is Profit?
The difference between the income earned and expenses incurred by a business during a specific period of time.
Is Electricity a need or a want?
Want.
What is the Economic Problem?
Unlimited wants cannot be filled with limited resources.
What are the 4 functions of business?
Production, Finance, Marketing, Management.
Is Air Conditioning a need or a want?
Want.
What are the Factors of Production?
Land, Labor, Capital, Entrepreneurship.
What are the 5 Utilitys?
Form utility, Place utility, Time utility, Information utility, Possession utility.
Is Shelter a need or a want?
Need.
What are the five kinds of economy?
Traditional, Command, Market, Free Enterprise System/Free Market, and Mixed.