Business Essentials Unit 1 Business and Economics Basics

The simple rule that businesses and consumers should always follow is fulfill your wants first then your needs.

Had a yard sale. Bought $3 in posters, paid your mom $12 to help. You made $50 in sales. How much profit did you make?

Which of these is NOT one of the 3 main resources?

Work that businesses perform for consumers.

Products created by businesses that you can physically touch and see.

Explain why consumers buy products and services from businesses.

The activity of producing and selling goods or services and making them available to all consumers.

To help people improve their lives by providing goods and services they value more highly than their other options.

Businesses can tell if consumers are liking what they are making and selling through how much profit they are making.

Give an example of two businesses who compete against each other for consumers.

The activity of making profit by producing and selling consumers goods and services in exchange for money.

Businesses ask themselves which question, when it comes to making the most of their limited resources.

A business does not need to worry about continually improving the value it creates for consumers and society.

What is our biggest economic problem in society?

An individual who buys goods and services from businesses.

Consumers wants and needs never change.

Businesses help out our economy by providing individuals with jobs.

Businesses must make profit if they want to stay up and running.

The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources.