Unit 1 Business Economics Basics

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

The contest between businesses to win over consumers

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

3 Resource examples

work that businesses preform for consumers.

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

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

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

an individual who buys goods and services from businesses.

to sell you goods and services in order to try and add value to society.

the money businesses get to keep after paying off expenses. Profits are a measure of the value it creates in society.

is the activity of making profit by producing and selling consumers good and services in exchange for money.