Chapter 1: Basic Economic Concepts

________ provide goods and services to satisfy wants and needs.

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

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

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

Goods are ________.

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

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

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