1. Small Businesses in Louisiana Unit 7

2. Supply The amount of goods offered for sale by a business The amount of goods offered for sale by a business

3. Demand The desire or need for a product or service The desire or need for a product or service

4. Competition A business relation in which two parties compete to gain customers A business relation in which two parties compete to gain customers

5. Profit The amount of money that is left over after all the costs of running a business have been paid The amount of money that is left over after all the costs of running a business have been paid

6. Government A group of elected citizens who solve problems and make laws for a community A group of elected citizens who solve problems and make laws for a community

7. Economic Choice The choice made among possibilities The choice made among possibilities

8. Opportunity Cost The process of choosing one good or service over another. The item that you don’t pick is the opportunity cost. The process of choosing one good or service over another. The item that you don’t pick is the opportunity cost. Decide between a rabbit or skateboard Decide between a rabbit or skateboard

9. Consumer A person who buys or uses a product or service A person who buys or uses a product or service

10. Producer Someone who makes a product or offers a service Someone who makes a product or offers a service People and businesses that make or provide goods and services People and businesses that make or provide goods and services

11. Trade The exchange of one kind of product or service for another The exchange of one kind of product or service for another

12. Specialization Being an expert in one job, product or service Being an expert in one job, product or service

13. Interdependence When businesses or people depend on each other for goods and services When businesses or people depend on each other for goods and services

14. Goods Products, or things that can be bought or sold Products, or things that can be bought or sold

15. Services Work that someone does for someone else Work that someone does for someone else