Chapter 1 Vocabulary

3. Something essential to survival. Such as Food, Shelter, and Clothing.
5. Financial gain calculated by the difference between amount earned and amount spent by a business.
6. Tangible items that are produced and sold to consumers, such as clothing or groceries.
8. The aspects of making, selling, and providing products in exchange for money.
10. A series of documents that serve as a blueprint for building a business.
12. Anything a business does that helps it generate a profit.
13. The performance of a particular task in exchange for money.
16. Mandatory payments to the local, state ,and national governments for public services.
17. Anything that a business owes.
18. The total value of a business determined by assets minus liabilities.
19. Money earned in exchange for work.
20. Anything that can be bought or sold.
22. Anything that a business owns.
23. The level of wealth, material goods, and necessities considered to be essential to an individual group in a particular geographic area.
24. A person who organizes, operates, and assumes the risk for a business venture.

1. The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.
2. An organized way in which a state or nation distributes its resources and provides goods and services to the community.
4. The production, distribution, and consumption of goods and services.
7. The moral and social responsibility of businesses to demonstrate ethical behavior in their policies and decision making.
9. Something that we desire but could ultimately live without. Such as a Smartphone and Internet.
11. Using money to create wealth over time and is achieved through investment vehicles such as stocks, bonds, mutual funds, and real estate.
14. Places where goods and services can be exchanged.
15. Goods and services businesses use to meet their consumers wants and needs.
21. People who purchase goods and services businesses offer.