Business Concepts
Anything that can be bought or sold to meet customer wants or needs.
Product
A haircut is an example of this type of product
Service
The financial gain when a business earns more than it spends.
Profit
People who purchase goods and services are called
Customers
Something essential for survival, like food or shelter.
Need
The total value of a business is determined by assets minus liabilities.
Net Worth
Clothing and groceries are examples of.
Goods
People who purchase goods and services from businesses.
Customers
Any service a person does for a company
Labor
Something we desire but could ultimately live without.
Want
The production, distribution, and consumption of goods and services.
Economic Activity
The performance of a particular task in exchange for money.
Service
What a business owns minus what it owes equals this.
Net Worth
Places where products (goods and services) are bought and sold
Markets
A smartphone would typically be classified as this.
Want
An organized way a state or nation distributes resources and provides goods and services.
Economic System
Name two differences between goods and services.
Goods are tangible/services are intangible, goods can be stored/services cannot be stored
Mandatory payments to government for public services.
Taxes
Providing products to customers, creating markets, and increasing economic benefits.
Role of business in society
Name two examples of needs and two examples of wants.
needs: food, shelter, clothing; wants: smartphone, designer clothes, entertainment
The science of how individuals, businesses, and governments make decisions about unlimited wants with limited resources.
Economics
A restaurant provides both goods and services. Give an example of each.
Food (goods) and Waiting Tables/Cooking (services)
The moral and social responsibility of businesses to demonstrate ethical behavior.
Business ethics
Aspects of making, selling, and providing products in exchange for money.
Business
Air conditioning is an example of what?
This one is subjective, where we live, it is nice, but not a need, but in places like Arizona it would be considered a need