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What is loss?
When the amount of money a person or company spends is more than they receive or take in.
What is supply?
The amount of something available for use.
What is service?
Any kind of work preformed by others.
Entrepreneur
A person who comes up with a product or service, or a better way to produce one.
Consumer
Anyone who buys a good or service.
Profit?
The positive gain from an investment or business after subtracting expenses
What is demand?
How much of a product or service is desired by buyers.
What is opportunity cost
the process of choosing one good or service over another.
Interdependence
When people depend on one another
There is a limited supply of something
What is scarcity?
What is taxes? 🤔
The money that the government collects from individuals and businesses to pay for public goods and services.
What is scarcity?
There is a limited supply of something
Anyone who buys a good or service.
What is consumer?
When the amount of money a person or company spends is more than they receive or take in.
What is loss?
When an individual or a company does one part of a task and relies on others to complete other parts of the task.
What is specialization?
What is goods?
Something you can feel or any kind of merchandise.
What is Economics?
the study of making, buying, and selling of goods and service.
When people depend on one another
Interdependence
the study of making, buying, and selling of goods and service.
What is Economics?
Anyone who makes or grows A good or preforms a service.
Producer
What is specialization?
When an individual or a company does one part of a task and relies on others to complete other parts of the task.
Producer
Anyone who makes or grows A good or preforms a service.
Something you can feel or any kind of merchandise.
What is goods?
How much of a product or service is desired by buyers.
What is demand?
the process of choosing one good or service over another.
What is opportunity cost