Intro to Business Unit 2 -- 12/2/021

Demand is defined as the amount of a good or service that BUSINESSES provide

The means through which goods and services are produced is called

Successful businesses do not care about the needs and wants of consumers

Worker productivity is an important factor in advancing our nation's standard of living

Money left from sales after subtracting the cost of operating the business is known as

If demand is high, prices are usually low.

The basic economic problem is also called

The desire to work hard and be creative to earn a higher profit is called

Things that satisfy our wants through the efforts of other people or equipment is the definition of

In the private enterprise system, profits encourage hard work

A nation’s plan for making decisions on what & how to produce & how to distribute goods & services is the definition of

The process of choosing which want, among several wants being considered, will be satisfied is the definition of

Your citizenship role enables you to earn money to support your consumer role.

The three (3) economic roles we perform in our economy are Citizen, Worker and Producer

An economy in which resources are owned and controlled by the government is

Competiton tends to keep prices high

Any place where buyers and sellers exchange goods and/or services for some form of money is called

Economic system where most economic resources are privately ownd & production decisions are mostly made by free exchange

A highway is an example of a public good

Paying taxes to build roads and schools is NOT part of economic citizenship

Tools, equipment and buildings that are used to produce goods and services are called

Buyers & sellers making economic decisions to determine what a price will be for goods & services produced & sold is the

As a worker you want to improve your productivity so that you can increase your earnings

Supply and demand affect pricing

Right of the individual to choose to own a business, what business to enter, & what to produce with limited government

The right to own, use or dispose of things of value

Voting is an example of a consumer role

Prices must be set at reasonable levels so that consumers will be willing and able to buy products

As citizens you join with others in making some economic decisions for the common good

An establishment or enterprise that supplies goods and services in exchange for some form of payment is called

Prices are set to cover costs and make a profit

Taking karate lessons is a consumer-role activity