need VS want
define need
something you cant live without
What is a business?
all the activities involved in developing and exchanging products
What is an economic?
a science that examines how good and services are produced, sold, and used
define want
something that you don't need to survive
What is the main reason a business operates?
to provide service and make profit
what is profit?
The difference between income earned and expenses incurred by a business
What are two needs in life?
food and water
What is a service?
something done for a small fee
What is a consumer market?
when buyers buy something for their own use
What are two wants in life?
jewlery and a phone
List three economic benefits generated by business in an economy.
profit, standard of living, employing workers
What is a supply curve?
when producers supply greater quantity at high prices
are needs and wants limited?
no
production, finance, marketing, and management
what is a demand curve?
When consumers buy fewer goods at higher prices