Economics and Business Terminology

Economics:

• The study that explores the art of creating beautiful shopping platforms.

• The study that explores how people makes choices to satisfy their wants and needs with limited resources.

• The study of how ancient civilizations made choices.

• The study of how weather patterns and climate change effects peoples choices.

Goods:

• Goods are the profits earned by a business.

• Goods are physical products or items that can be held or touched.

• Goods are the expenses a business incurs while providing a service.

• Goods are physical products or tasks that people do for others in exchange for money.

Services:

• Services are the expenses a business incurs while producing goods.

• Services are a type of currency used for international trade.

• Services are physical products that can be held and touched.

• Services are actions or tasks people do for others in exchange for payment.

Supply:

• Supply refers to the amount of money consumers are willing to spend.

• Supply is the quantity of goods and services that businesses are willing to sell and produce.

• Supply is the total number of businesses in a specific industry.

• Supply is the total number of products the consumer wants to buy.

Demand:

• Demand refers to the quantity of products businesses produce.

• Demand is the amount of money consumers earn from their jobs.

• Demand is the desire and ability of consumers to buy goods and services.

• Demand is the total number of businesses operating in a market.

Market:

• A market is a platform or environment where buyers and sellers interact to exchange goods and service.

• A market is a physical place where people go to exercise.

• A market is a group of people who share the same interest.

• A market is a type of advertising strategy used by businesses.

Entrepreneur:

• A person who starts and operates a business, taking on risks to make a profit.

• A person who starts and operates a business with no risk of loosing money.

• A person who buys and sells products and services from various businesses.

• A person who works for a business or a company.

Profit:

• Profit is the total amount of money a business spends on operations.

• Profit is the money a business earns form selling good or services after subtracting expenses.

• Profit is the amount of money a business receives from investors.

• Profit is the cost of producing products and services.

Income:

• Income is the money you spend on goods and services.

• Income is the total value of all your possessions.

• Income is the money you earn form sources like jobs or investments.

• Income is the money you owe to others.

Expenses:

• The money saved on goods, services, or bills.

• The money spent on household bills.

• The money spent on groceries for the week.

• The money spent on goods, services, or bills.