Vocabulary
What is the definition of product?
anything that can be bought or sold
Activity related to making a product
Production
what is capitilism
economic system were the economic resources are owende by thge people
What is labor?
the work performed by people in organizations; human resources
Activities involving money
Finance
The 3 economic questions
What should we produce?
How should we produce?
For who ,should we produce it?
What is capitalism?
is an economic system where the economic resources are privately owned by individuals rather than the government
Controlling and making decisions
about a business
Management
The Economic System
is an organized way in which a nation chooses to use its resources to create goods and services
What is a mixed economy?
where the gov and the people make decision about economic resources
Activities that identify, anticipate, and satisfy customer demand while making a profit
Marketing
What is economics
is a science that examines how goods and services are produced, sold, and used
What is Standard of Living?
a level of material comfort measured by the goods, services, and luxuries available
What is the difference between the consumer market and the business market?
A consumer market is where a person is buying something.A business market is where you are selling something.
Factores of Production
the economic resources a nation uses to make goods and supply services for its population
Land
Labor
Capital
Entrepreneurship