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| dealing with activity intended to earn a profit |
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| a person’s occupation; commercial, professional, or industrial dealings |
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| something useful or of value that can be used to earn money |
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| the way a society organizes the production, consumption, and distribution of goods and services |
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| commodities, products, wares; things people need and use |
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| the amount of money received in exchange for work or services, or from the sale of goods or property |
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| money a person loses in financial dealings |
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| a place where goods are sold |
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| something produced by nature or human effort |
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| to gain a financial benefit |
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| work done for others as an occupation to earn money |
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| a fair exchange for something, such as the price of a product or service; monetary worth |
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| What someone must make when faced with two or more products or services |
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| A medium of exchange; something that can be used to buy other goods and services |
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| People whose wants are satisfied by acquiring and using goods and services |
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| People who buy goods and services |
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| Costs that do not change. Fixed costs include land, buildings, rent, equipment, and permanent signs. |
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| Costs that change according to the quantity of a product sold. The more of a product that is sold, the more raw materials are needed to produce it. |
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| The exchange of goods or services for money. |
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| The difference between the total amount of money that comes into a business and the total cost of the business. |
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| The amount of money needed to make a product. |
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| Fixed costs are costs that do not change. Fixed costs include rent, equipment, and permanent signs. |
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| Variable costs are costs that change according to the quantity of a product sold. The more of a product sold, the more raw materials needed. |
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| A sale is the exchange of goods or services for money. |
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| Competition in business is a kind of contest among companies to attract consumers. |
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| A monopoly occurs when only one business is providing a particular product or service. |
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| Diversification is the spreading out of business activities, products, or services. |
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| An incentive is something that causes people to act, such as a reward or a punishment. Lower prices are an example of a positive incentive. |
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