| A | B |
|---|
| The term for all activities involved in developing and exchanging products. | business |
| The customer of a service business is often called a ___. | client |
| Anything that is bought or sold is called a(n) ___. | product |
| Customers who purchase goods and services for their own use are called ___. | consumer |
| ___ utility is added when a business changes the form of a good or service to make it more useful. | form |
| A ___ is anywhere buyers and sellers meet to buy and sell goods and services. | market |
| The difference between the income earned and the expenses incurred by a business during a specific period of time is called ___. | profit |
| A science that examines how goods and services are produced, sold, and used is called ___. | economics |
| A ___ economy is one in which economic decisions are based on a society's values, culture, and customs. | traditional |
| The law of ___ says that the price of a product is determined by the relationship of the supply of a product and the demand of the product. | supply & demand |
| When an item is given up in order to gain something else. | trade-off |
| Products businesses use to produce other goods. | capital goods |
| Action or task that is performed, usually for a fee. | service |
| Anyting that can be bought or sold. | product |
| Organized way in which a national chooses to use its resources to create goods and services. | economic system |
| Action taken by two or more businesses attemption to attract the same customers. | competition |
| When demand is high than the available resources. | scarcity |
| Individual or group who buys products. | customer |
| An economic system where the economic resources are privately owned by individuals reather than the government. | capitalism |
| Level of material comfort measured by the goods, services, and luxuries available. | standard of living |
| Work performed by people in businesses, also called human resource. | labor |
| Willingness and ability to start a new business. | entrepreneurship |
| All the tools, equipment, and machinery used to produce goods or provide services. | capital |
| The value of the next best option that was not selected. | opportunity costs |
| Something a person must have to survive. | need |
| A term for all the activities involved in developing and exchanging products is called ___. | business |
| The difference between the income earned and the expenses incurred by a business during a specific period of time. | profit |
| Something that a person desires but can live without is called this.law of supply | want |
| Money earned in exchange for work is called this. | wages |
| The characteristics of a product that satisfy wants and needs. | utility |
| Goods that are the products businesses use to produce other goods. | capital |
| An economy in which the government makes all the economic decisions for its citizens | command |
| The process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives. | systematic decision-making |
| An economy in which bother the government and individuals make decisions about economic resources. | mixed |
| An economic principle that states the price of a product determined by the relationship of the supply of the product and the demand for a product. | law of supply & demand |
