Intro to Business

Raw materials that are supplied by nature are called

When demand is LOW, and supply is HIGH, price is _____________.

Things required in order to live

A pencil, video game and a car are all examples of 

When demand is HIGH, supply is LOW price is _____________

Things that you can see & touch/feel (tangible) 

The $ left from sales (revenue) after costs (expenses) of operating the business have been paid

The rivalry among businesses to sell their goods and services is called 

The quantity (amount) of a good/service that businesses are willing & able to provide

Diamonds, gold, minerals, and timber (wood from trees) are considered which type of resource

The money a business receives from the sale of goods/services is called 

Who are consumers of goods and services?

If your expenses are GREATER THAN your revenues you will have a

The quantity (amount) of a good/service that consumers are willing & able to buy

A chef, taxi, and hairdresser (barber) are all examples of 

Products and money that are used in the production (making) of goods & services are called

Cash, equipment, machinery and trucks are considered which type of resource

Designer jeans, the newest smartphone and a PlayStation 4 are all examples of 

If the price of cookies is HIGH, supply of cookies is HIGH, demand will be ____________.

When demand ='s supply

Things that add comfort and pleasure to your life are called 

The money that you spend to operate (run) a business is called

Food, shelter and clothing are all examples of 

Activities that are consumed at the same time they are produced, intangible (can't touch/feel)

A lumberjack, a factory worker, and truck driver are considered which type of resource

The people that introduce (produce/make) goods and services are called

An example of businesses selling similar goods/services is