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Business Chapter 1

AB
Wantsare things we wish we could have
Needsthings we must have to survive
Goodscan be physically weighed or measured
Servicesare tasks that people or machines perform
Economic Resourcesis anything that people can use to make or obtain what they need or want (also known as factors of production)
Natural Resourcesraw materials supplied by nature
Human ResourcesPeople who produces goods and services
EntrepreneurThe risk taker who used resourcs ro create a new product or service
Capital Resourcesthe products and money used in the production of goods and services
Scarcitynot having enough resources to satisfy every need
Economic decision makingthe process of choosing which needs and wants will be satisfied
Trade-offwhen you give up something to have something else
Opportunity costthe value of the next best alterantive that you were not able to choose
The Decision making process1) define the problem 2) idnetify the choices 3) evaluate the adv and disadv 4) choose the best alternative 5) act on your choice 6) review your decision
3 economic questionsWhat goods will be produced? How will the goods and services be produced? what needs and wants will be satisfied?
Economic systemthe method a country uses to answer the three economic questions
Command Economythe resources are owned and controlled by the governement
Market Economythe resources are cowned and controlled by the people of the country
Traditional EconomyGoods and services are produced the way it has always been done
Mixed EconomyCombines elements of the command economy and the market economies
Capitalismanother name for the US economy, refers to the private ownership of economic resources by individuals rather than by the government
Profitthe money left from sales after all expenses have been paid
Competitionrivalry among businesses to sell their goods and services
Consumera person who buys and uses goods and services
Producersindividuals and organizations that determine what products and services will be available for sale
Demandthe quantity of goods and service that consumers are willing and able to buy
Supplythe quantity of goods and services that producers are willing and able to provide
Market Pricethe point where supply and demand are equal


Personal and Business Finance
Dobyns-Bennett High School

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