Chapter 2

3. a product that is desired but can be lived without
7. Entrepreneurs' research into consumer preference
8. the amount of goods that consumers want
10. the science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources
12. the aspects of making, selling, and providing products in exchange for money
13. the financial gain calculated by the difference between amount earned and amount spent by a business
14. a mandatory payment to the local, state, and national government for public services
16. a company’s plan for making a profit

1. something that a business owns
2. an activity or benefit offered to customers that is not a physical object
4. the value of a business determined by assets minus liablities
5. five forms of operational activities that play necessary roles in running a business, including finance, production, marketing, and management
6. anything that can be bought or sold to meet a customer's want or need
9. something that is owed by an individual or business
11. a product essential to survival
15. a tangible item that is produced and sold to consumers