Intro to Business Unit 1 Economics Basics

The contest between businesses to win customers

Businesses thrive on _____________

How can we calculate "profit"?

Any activity that seeks profit by providing goods & services to others in exchange for money

Tasks that businesses perform for consumers

A person who uses goods or services

Which of the following is a WANT?

Physical products

Which of the following is a NEED?

Who is not considered a consumer?

Which of the following is NOT an example of 2 businesses that compete against each other?

The making, distributing, selling and purchasing of goods and services

Which of these are NOT a resource?

The Motive of Business is to make a profit.

The money left over after a business has paid the cost of providing its goods and services

Our wants never change

_________ and _________ drive the economy

Which of the following explains why businesses must satisfy needs first, then wants?

Act of gathering & analyzing info about the wants, needs & preferences of consumers in a market

Items that people can use to make or obtain what they need or want