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wants things that you do not have to have to survive goods physical products resource items that people can use to make or obtain what they need or want consumer a person who uses goods or services needs things that you must have in order to survive profit the money left over after a business has paid the cost of providing its goods and services services tasks that businesses perform for consumers business any commercial activity that seeks profit by providing goods and services to others in exchange for money competition the contest between businesses to win consumer scarcity lack of resources natural resources raw materials from nature that are used to produce goods capital resources things used to produce goods and srvices economics the study of how indivduals and groups of individuals strive to satisfy their needs and wants by making choices demand the amount or quantity of goods and services that consumers are willing to buy at various prices equlibrium price the point at which the quality demanded and the quantity supplied meet factors or production are all the economic resources necessary to produce a society's goods and services human resources the people emplyed in a business, commonly referred to as a personnel entrepreneurial resources used by people who recognize opportunities and start businesses market economy an economic system in which ecocomic decisions are made in the market place supply the amount of goods and services that producers will provide at various prices ` sommand economy an economic system in which a central authority makes the key economic decisions ex of human resources teachers, coal miers, farm workers ex of natural resources trees, grains, water ex of entreprenuerial resources people who recognize opportunites ex of capital resources buildings, materials and equipment gdp total value of goods and services producded in a given year inflation general increase in the price of goods and services prosperity a peak of economic activity depression high unemployment and low production of goods and services standard of living the level of material comfor as measured by the goods and services avalible buisness cycle the rise and fall of economic activity over time recession economic activity slows down recovery a rise in business activity after a recession is depression prosperity wages are higher, higher income, people want to buy more goods from other countries recession businesses produce less, fewer workers, have les money to spend, gpd decline depression many people are out of work recoverty people start to have money to purchase goods and services, more production ethics moral principals by which people conduct themselves personally, socially or proffessionally sweatshops a shop or factory which workers are employed for long hours with low wages and under unhealthy conditions social responsibility the duty to do what is bewst for the good of society epa enforces rules that protect the enviormental presponsibility business ethics rules based on moral principals about how buisnesses and employees outh to conduct themselves osha sets enforeces work, related health and saftey rules fda federal governement agency that protects consumers from dangerous or falsely advertised products entrepreneurship process of recognizing a business opportunity, testing it in the maket, gathering resources necessary to start and fun a business enrepreneur an indvidual who undertakes the creation, organization and ownership of a business sole proprietorship a business owned by one person corporation a company that is registered by a state and operates apart from its owners franchise a contractual agreement to use the name and sell the products or services of a company in a designated geographic area producer a business that gathers raw goods manufactures a business that makes finished products out of processed goods wholesaler distributes goods partnership a business owend by two or more people who shar its risks and rewards stock share of ownership in a business nonprofit organization a type of organization that focuses on providing a service, but not to make a profit processors changes raw materials into more finished products intermediary a business that moves from one business retailer purchases goods from a whole saler and sells them to consumers, the final buyers ex of producer agriculture, mining, fishing ex of processor sugarcane->sugar crude oil->gas iron->steal manufacture cars cds computers intermediary manufactured goods service firm medical clinics and law firms market a group of customers who share a common want and need marketing process of creating, promoting and presenmding a product or service to meet the wants and needs of consumers whereever the are target marketting helps companies focus on the people most likely market research the gathering and analysis of information on size, location, and make up of a market marketing mix consists of four basic marketing strategies 4 p's product,place, price, and promotion demographics facts about the population distribution pathway to direct products to consumers advertising the public promotion of something such as product, service business or even to attract or increase intrest in it mass media channels of communication such as television radio and news paper direct mail consists of ads send by mail to peoples homes and businesses trasit advertising usually consists of posters placed on sides of buses in supway stations infomercial 30 min commercial pop-up ads appear in new brousers window when you first log on banner ads displayed across the top of bottom of the web page directery appears in phonebooks, local advertisiers