Name____________________________________
CHAPTER ONE: KEY TERMS
TERM
Profit
Expenses
Costs
Solvency
Non-Profit Organization
Not for Profit Organization
Co-operative
Small or Medium Sized Business
(SMD)
Goods
Services
Producers
Consumers
Marketplace
Competition
Obsolete
Pricing Power
Customers
Consumer Purchasing Power
Entrepreneurs
Needs
Wants
Inventory
Decision-making Model
Economic Resources/Factors of
Production
Economic Systems ( P. 27)
Natural Resources
Human Resources
Capital Resources
Interdependent
Demand
Law of Demand
Supply
Law of Supply
Price
TEXTBOOK DEFINITION
EXAMPLES (minimum 2
examples and explain)