Chapter 1: Basic Economic Concepts

Businesses

________ provide goods and services to satisfy wants and needs.

Commercial activity

Business is any ________ that seeks profit by providing goods and services to others in exchange for money.

Competition

________ is possible because companies have the freedom to produce the products they think will be the most profitable.

Consumer

A(n) ________ is a person who uses goods or services.

Physical products

Goods are ________.

Business managers

Higher- level ________ usually make more important decisions that affect the future of their companies.

Profit

________ is the money left over after a business has paid the cost of providing its goods and services.

Market research

________ is the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market.