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Free Enterprise 3 rd grade Katonya Beaubouef – Herod Elementary
Free enterprise The freedom to start a business and sell, for profit, any product or service allowed by law.
Consumer A person who buys a product or service.
demand The desire or need for a product or service. When will the demand for a product be small? High?
supply The amount of goods offered for sale by a business. Explain the difference between supply and demand.
How Supply and Demand Work SUPPLYDEMANDPRICE High Low HighLowVery low LowHighVery high Low High
scarcity A shortage, or lack of supply of a product What are some causes of scarcity?
specialize To do just one kind of work or sell just one kind of product.
overhead The amount of money it takes to run a business. Heating/ cooling workerselectricity overhead
wage The money a worker is paid.
profit The amount of money left over after all the costs of running a business have been paid. When does a business make a profit? When do they do not?
marketing The job of getting costumers to want a product. McD advertise coupons sponsor
competition The efforts of two businesses with the same products to get consumers to buy from them. What are some things that business do to compete?
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