Economics and Business

The study of how people choose to use the limited resources on Earth to satisfy their needs and wants.

The study of human behavior – how people interact with one another locally and globally.

Economics is simply about money and business.

• True

• False

Activity that involves making goods or providing services in exchange for money.

People or businesses who make and sell goods and services for a profit.

Where buyers and sellers interact to exchange money for goods and services.

Estimating what will need to be paid (costs) and possible benefits that will arise from a business proposal.

The cost of the next best alternative use of resources.

Putting money into shares, property or other financial schemes in the hope of making a profit.

People who buy things to use.