Business Vocabulary

4. Advantage The ability to produce a good or service at a lower opportunity cost than competitors.
5. Cost The value of the next best alternative that must be given up when a choice is made.
9. A person who starts and runs a new business, taking on the financial risk.
11. The quantity of a good or service that is available for sale.
12. Things of value that a person or business owns.
14. The process of providing or obtaining funds for a large purchase or business activity.
16. The measure of how much a good or service is wanted by buyers.
17. A debt or financial obligation that a person or business owes to others.

1. The basic economic problem that there are limited resources to satisfy unlimited wants.
2. Any system or place where buyers and sellers meet to trade.
3. The total income a business generates from its sales before any expenses are removed.
6. The amount of money a business keeps after paying all of its costs (Revenue minus Expenses).
7. Things that are essential for survival, such as food, water, and shelter.
8. A detailed plan for how money will be spent and earned over a specific time.
10. Things people desire that are not essential for survival.
13. Any individual, group, or party that has an interest or concern in a business's actions or success.
15. The moral principles that govern a person's or business's behavior.