Dionne Q.
What are raw materials?
Raw materials are natural resources that are used to make goods, such as cotton.
What is a good or product? Give at least 5 examples.
A good or product is something produced by an entrepreneur that a person is willing to buy.
What are capital goods?
Capital Goods that are used in producing other goods, rather than being bought by consumers.
What is free market economy?
People can put in money how they want.
What are natural resources? Give at least 5 examples.
Oil, coal, diamond, iron, copper.
Give at least 3 examples of natural resources.
Iron Copper, Metal.
What is a profit? How do you make a profit?
A profit is money that is made by a business or a company after the costs are paid.
What is an entrepreneur?
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
What is an invest?
to put money into something with the hope of getting money back later.
What are raw materials? Give at least 5 examples.
Wheat, rice, carrots, onions, beef.
What is a service?
An action that a person is willing or wanting to buy.
What is a benefit?
A benefit is a result of making a profit.
What is a budget?
An estimate of income and expenditure for a set period of time.
What is a productive resource?
Resources that are frequently used during all times.
What is a good?
Food, clothing, toys, furniture, and toothpaste.
What is an increase?
To make something greater in size and amount.
What is a human resource? Give at least 3 examples.
A human resource is when humans make or provide goods. 3 examples are: police officers, doctors, or a firefighter.
What is saving?
A saving is income that is not spending, or deferred consumption.
What is a risk in a business?
To put money into something with the hope of getting money back later.
What is a profit?
Money that is made in a business after all the costs are paid.
What is a graph?
A graph is a diagram.
What is a chart?
A chart is a sheet of information in the form of a graph.
What is a income?
Income is money received, especially on a regular basis.
What is a decrease?
A decrease is to become smaller at something or of something.