Principles of Business

Front

Customers who purchase goods and services for their own use.

Back

Consumer

Front

All the tools, equipment, and machinery used to produce goods or provide services.

Back

capitol

Front

When demand is higher than the available resources

Back

scarcity

Front

Economic resources a nation uses to make goods and supply services for its population.

Back

Factors of Production

Front

An economy in which individuals are free to make their own economic decisions, also known as free or market enterprise.

Back

market economy

Front

Economic resources a nation uses to make goods and supply services for its population

Back

factors of production

Front

Science that examines how goods and services are produced, sold and used

Back

economics

Front

Customers who purchase goods and services for their own use

Back

consumer

Front

Actions taken by two or more businesses attempting to attract the same customers.

Back

competition

Front

An economy in which the government makes all of the decisions for its citizens

Back

command