logo image

Intro To Business Chapter 1

Needs
things that are required in order to live
Wants
things that add comfort and pleasure to your life
Goods
things that you can see and touch
Services
activities provided for the satisfaction of others that are consumed at the same time they are produced.
Economic Resources
the things available to be used to produce
goods and services
Scarcity
not having enough resources to satisfy every need
Economic Decision-Making
the process of choosing which needs and wants will be satisfied
Trade Off
give up something to have something else
Opportunity cost
the value of the nest best alternative that you were not able to choose
Economic System
the method a country uses to answer the three economic questions
Command Economy
resources are owned and controlled by the government
Market Economy
resources are owned and controlled by the people of the country
Traditional Economy
goods and services are produced the way it has always been done
Mixed Economy
combines elements of the traditional, command, and market economies
Capitalism
the private ownership of economic resources by individuals, rather than by the government
Consumer
a person who buys and uses goods and services
Producers
individuals and organizations that determine what products and services will be available for sale
Demand
the quantity of a good or service that consumers are willing and able to buy
Supply
the quantity of a good or service that businesses are willing and able to provide
Market Price
the point where supply and demand are equal

Need essay sample on "Intro To Business Chapter 1"? We will write a custom essay sample specifically for you for only $ 13.90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy