The concept that no one can can everything they want. Individuals and societies have to balance wants and needs with limited resources.

Tangible Products - something you can touch that can be exchanged for money

Intangible Products - things performed for you in exchange for money

Things used to make goods and/or services

Everything contained on (or in) the earth

People who work/labor at a business

Assets used to make goods and services

Tools, Money, Cars, Computers are examples of...

Owned by many stockholders, pays taxes on profits, has limited liability

Owned by two or more people. Relatively easy to start. Partners share the liabilities and the profits.

The cost of an alternative that must be forgone (given up) in order to pursue a certain action.

The amount of goods or services a business is will to make or offer at specific prices.

The amount of good or services that customers are willing to buy at various prices

The point where the demand line and the supply line meet.

Moral principles that govern a person's or a group's behavior

If something is permitted by law it is.....

The exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.

A symbol, word, or words legally registered or established by use as representing a company or product.

A license conferring a right or title for a set period to make, use, or sell an invention.

Owned by one person. Owner must pay for everything needed for the business. Owner has unlimited liability.

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