Chapter 1: Basic Economic Concepts

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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.