Business Basics

4. Resources needed to create goods and provide services.
6. All activities required to make a product. It applies to goods, services, and ideas.
10. The economic principle relating the quantity of products available to meet consumer demand.
11. All the activities involved in developing and exchanging products.
12. How a market is organized and is based on the number of businesses competing for sales in an industry. The four basic market structures are oligopoly, monopoly, perfect competition, and monopolistic competition.
14. Includes all the activities that involve money.
15. Something that a person desires, but could function without, such as a new cell phone or a vacation.
16. A business that has the right to sell a company’s goods or services in a particular area.
18. Anything that can be bought or sold, which includes both goods and services.
20. A guide that leads an entrepreneur through nine logical questions when brainstorming new business ideas.
21. How people, governments, and companies make choices about using limited resources to satisfy unlimited needs and wants.
23. The earnings that a business receives for the goods and services it sells. Revenue is also called income.

1. A business that purchases large amounts of goods directly from manufacturers.
2. A business that is independently owned and operated, organized for profit, and not dominant in its field.
3. Production, finance, marketing, and management.
5. Physical, or tangible, items that can be touched and used. Examples include food, clothing, and toothpaste.
7. The cost of passing up the next best choice when making a decision.
8. The costs involved in operating a business.
9. A business that turns raw materials from natural resources or product components into new products for sale.
13. The money flowing into and out of a business.
17. Intangible actions or tasks that are performed, usually for a fee.
19. A business that buys products either from wholesalers or directly from manufacturers and resells them to consumers.
22. Something necessary for survival, such as food, clothing, and shelter.