Chapter 9--Vocab 1 & 2

What is the freedom to start a business and make a profit called?

• Marketing

• Free enterprise

• Competition

• Specialize

Who is someone that makes a product or offers a service?

• Consumer

• Producer

• Supplier

• Marketer

What do you call a person who buys a product or service?

• Producer

• Consumer

• Competitor

• Specialist

What term describes the desire or need for a product or service?

• Supply

• Demand

• Scarcity

• Overhead

What is the amount of goods offered for sale by a business called?

• Demand

• Supply

• Profit

• Wage

What does scarcity mean?

• A shortage of a product

• An abundance of a product

• A type of marketing

• A kind of competition

Tags

NGSS.MS-LS2-1

What does it mean to specialize?

• To do many kinds of work

• To do just one kind of work

• To sell many products

• To buy many products

What is overhead?

• The money a worker is paid

• The amount of money it takes to run a business

• The profit from a business

• The demand for a product

What is a wage?

• The money a worker is paid

• The profit from a business

• The cost of running a business

• The supply of a product

What is profit?

• The total sales of a business

• The amount of money left after costs

• The cost of goods sold

• The demand for a product