Business
What is a good?
A physical item that can be touched
______ develops when demand is higher than the available resources
Scarcity
Name one factor of Production.
Land
What is a service?
An action or task that is performed.
What is standard of living?
a level of material comfort measures by the goods,services,and luxuries available.
What is Entrepreneurship?
It is the willingness and ability to start a new business.
What are the four functions of business?
Production,finance,marketing,and management.
What is labor?
Work performed by people in organizations.(human resources)
______ is the value of the next best option that was not selected
Opportunity Cost
Name one benefits for business
Products
______ are products businesses use to produce final products for consumers.
Capital
What is trade-off?
When something is given up in order to gain something else.
What is a need?
Something a person must have to survive.
What is the definition of Economic Systems?
a organized way in which a nation chooses to use its resources to create goods and services.
What is the definition of Economics?
a science that examines how gods and services are produced,sold,and used