Category 1
A desire for a product
Want
An essential product
Need
The amount of money earned after expenses
Profit
Something used in the creation of a product
Resource
When there is not enough of a resource
Scarcity
The study of how a society uses its resources to meet the needs and wants of its people.
Economics
The people who create goods or services for a business
Employee
The money, building and equipment used by a business.
Capital
The item that a business has decided not to produce.
Opportunity cost
A person who buys a good or services.
Consumer
A place where buyers and sellers come together to exchange money for goods and services.
Market
A person who pays a wage to their workers for the work that they do.
Employer
An owner of a property who rents it for a profit.
Landlord
A person who pays rent when living in a house owned by someone else.
Tenant
To take out a loan from a bank to buy a house.
Mortgage
When prices rise, the quantity of demand decreases.
Law of Demand
Producers want to sell products at a higher price to make a bigger profit.
Law of Supply
A business owned by one person.
Sole proprietor
A business owned by 2 or more people, but no more than 20.
Partnership
A company that is owned by shareholders.
Corporation
Business Responsibility
Another word for the resource of workers.
Labour
A product of dubious quality
Shonky
Owner must perform multiple roles is a negative of this type of ownership.
Sole proprietor
Partnership.