small businesses in louisiana
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Small Businesses in Louisiana. Unit 7. Supply. The amount of goods offered for sale by a business. Demand. The desire or need for a product or service. Competition. A business relation in which two parties compete to gain customers. Profit. - PowerPoint PPT PresentationTRANSCRIPT
Small Businesses in LouisianaSmall Businesses in Louisiana
Unit 7Unit 7
SupplySupply The amount of The amount of
goods offered for goods offered for sale by a businesssale by a business
DemandDemand The desire or need The desire or need
for a product or for a product or serviceservice
CompetitionCompetition A business relation A business relation
in which two in which two parties compete to parties compete to gain customers gain customers
ProfitProfit The amount of The amount of
money that is left money that is left over after all the over after all the costs of running a costs of running a business have business have been paidbeen paid
GovernmentGovernment A group of elected A group of elected
citizens who solve citizens who solve problems and problems and make laws for a make laws for a communitycommunity
Economic ChoiceEconomic Choice
The choice made The choice made among possibilitiesamong possibilities
Opportunity CostOpportunity Cost
The process of The process of choosing one good choosing one good or service over or service over another. The item another. The item that you don’t pick that you don’t pick is the is the opportunity opportunity costcost..
Decide between a Decide between a rabbit or rabbit or skateboardskateboard
ConsumerConsumer A person who buys A person who buys
or uses a product or uses a product or serviceor service
ProducerProducer Someone who Someone who
makes a product or makes a product or offers a serviceoffers a service
People and People and businesses that businesses that make or provide make or provide goods and servicesgoods and services
TradeTrade The exchange of The exchange of
one kind of product one kind of product or service for or service for anotheranother
SpecializationSpecialization Being an expert Being an expert
in one job, in one job, product or product or serviceservice
InterdependenceInterdependence When businesses When businesses
or people depend or people depend on each other for on each other for goods and servicesgoods and services
GoodsGoods Products, or things Products, or things
that can be bought that can be bought or soldor sold
ServicesServices Work that someone Work that someone
does for someone does for someone elseelse