| VOCABULARY | Entrepreneurs | Vocabulary 2 |
|---|---|---|
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What are people that use goods and services to satisfy their wants and needs?
Consumer
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Who co-founded Microsoft?
Bill Gates
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What are wants?
Things that people would like to have for enjoyment, but can live without
|
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What is scarcity?
When the supply of goods or services does not meet the demand because of limited resources.
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Who founded "Famous Amos" cookies?
Wallace Amos
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Things that people require for survival.
What are needs?
|
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What is a system where businesses are free to determine prices based on supply and demand.
Free Enterprise
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Who founded Wal-Mart?
Sam Walton
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What is a producer?
People that make and provide goods or services.
|
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What is an example of a service?
Something that someone does for you. Teacher will decide on example given.
|
Mary Kay Ash
Who founded Mary Kay cosmetics?
|
The amount of a product that businesses are able to offer for sale.
What is supply?
|
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What are things you can buy or consume, such as food, books, or toys?
Goods
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Milton Hershey
Who founded the Hershey chocolate company?
|
Demand
What is the amount of a product that people want to buy.
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