Chapter 1: Basic Economic Concepts
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Last updated 4:31 PM on 7/18/22
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8 Terms
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Businesses
________ provide goods and services to satisfy wants and needs.
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Commercial activity
Business is any ________ that seeks profit by providing goods and services to others in exchange for money.
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Competition
________ is possible because companies have the freedom to produce the products they think will be the most profitable.
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Consumer
A(n) ________ is a person who uses goods or services.
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Physical products
Goods are ________.
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Business managers
Higher- level ________ usually make more important decisions that affect the future of their companies.
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Profit
________ is the money left over after a business has paid the cost of providing its goods and services.
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Market research
________ is the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market.
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