Chapter 1 Vocab

2. The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.
5. Anything that can be bought or sold
6. Mandatory payments to the local, state, and national government for public services
7. Something that is essential to survival
9. The level of wealth, material goods, and necessities considered to be essential to an individual group in a particular geographic area.
10. Using money to create wealth over time
13. The moral and social responsibility of businesses to demonstrate ethical behavior in their policies and decision-making.
15. The financial gain calculated by the difference between amount earned and amount spent by a business.
17. A person who organizes, operates, and assumes the risk for a business venture.
20. Tangible items that are produced and sold to consumers
21. What a business owns
22. The performance of a particular task in exchange for money
23. Money earned in exchange for work
24. Refers to the aspects of making, selling, and providing products in exchange for money.

1. The production, distribution, and consumption of goods and services.
3. What a business owes
4. Anything that a business does that helps it generate profit.
8. An organized way in which a state or nation distributes its resources and provides goods and services to the community.
11. The total value of a business determined by assets minus liabilities.
12. Places where goods and services are exchanged
14. Something that we desire but can live without
16. A series of documents that serve as a blueprint for building a business.
18. The goods and services businesses use to meet consumer wants and needs.
19. People who purchase goods and services