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Supply & Demand, Sole Prop/Partnership/Corp, Resources,

budgetplan for spending/saving
supplythe quantity of a good producers are willing and able to sell
demandthe quantity of a good that consumers are willing and able to buy
entrepreneurrisk taker
profitthe money a business keeps after paying all of its costs
goodstangible products
consumersone who uses goods and services
economicsthe study of supply, demand, consumers, etc.
sole proprietorshipbusiness owned by one person
scarcitythe inability to make enough for everyone all the time
factors of productionland, capital, entrepreneurship, labor
servicesan action to benefit someone
partnershipbusiness owned by 2 or more people
corporationbusiness owned by lots of people
capitalmoney needed to run a business OR money invested
human resourcespeople with the skills needed to run a business
natural resourcesitems from the earth that are needed to run a business

Grovetown Middle

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