Matching Pairs Introduction to Business TermsOnline version Students will investigate key business terms and concepts by Danica Butler 1 An Entrepreneur 2 Barter 3 Loss 4 Profit 5 Interdependence 6 Free Enterprise 7 Producer 8 Goods 9 Demand 10 Taxes 11 Economics 12 Scarcity 13 Service 14 Opportunity Cost 15 Supply 16 Specialization 17 Consumer The process of choosing one good or service over another. The item that you don’t pick is the opportunity cost. An object or merchandise that you can physically buy, trade or give. When there are limited resources, and therefore, people must make choices. The quantity of a good or service that consumers and businesses are willing and able to buy at a given price in a given time period. Competition - companies compete with one another to get the most customers, and therefore, make the most money. A company may have to lower the sale price of its goods because it has to compete. When a producer sells their goods at below cost price and therefore lose money from the sale. The money that the government collects from individuals and businesses to pay for public goods and services. The amount or quantity of something that providers are willing to bring to the market at a given price. Any kind of work performed for others. The excess amount added to an item's cost price that allows its producer to make money from the sale. A person who comes up with a product or service, or a better way to produce one. When people depend on one another. When an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts. Anyone who makes or grows a good or performs a service. Anyone who buys a good or a service. "to trade" The study of the making, buying, and selling of goods or services.
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