Principles of Business

Customers who purchase goods and services for their own use.

• Capitol

• Consumer

• wages

• Market

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

• want

• need

• systemmatic decision making

• capitol

When demand is higher than the available resources

• want

• supply and demand

• need

• scarcity

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

• Factors of Production

• Service

• Traditional

• Trade off

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

• market economy

• command economy

• factors of production

• economic system

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

• economic system

• goods

• labor

• factors of production

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

• government

• economics

• capitalism

• supply and demand

Customers who purchase goods and services for their own use

• capital

• customer

• consumer

• competition

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

• competition

• consumers

• customers

• capital

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

• consumer

• market

• command

• capitalism