
Business Essentials Ch 1 Vocabulary
Quiz by Lisa Calvert
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The aspect of making, selling, and providing products in exchange for money.Â
What a business owns.
A person who purchase the goods and services a business offers.Â
An organized way in which a state or nation distributes its resources and provides goods and services.Â
A person who organizes, operates, and assumes the risk for a business venture.
The production, distribution, and consumption of goods and services.Â
A product that is desired but can be lived without.Â
Something that is owed by an individual or business.Â
Tangible item that is produced and sold to consumer.
Anything a business does that helps it generate a profit.
The financial gain calculated by the difference between amount earned and amount spent by a business.
Anything that can be bought or sold to meet a customer's want or need.
A good or service businesses use to meet consumer wants and needs.Â
The performance of a particular task in exchange for money.Â
A mandatory payment to a local, state, or national government for public services.Â
A product essential to survival.
Money earned in exchange for work.Â
The science of how individual businesses and governments make decisions about satisfying unlimited want with limited resources.Â