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Louisiana’s Riches

Louisiana’s Riches. Unit 5. Supply. The amount of goods offered for sale by a business. Demand. The desire or need for a product or service. Competition. The efforts of two businesses with the same products or services to get customers to buy from them. Profit.

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Louisiana’s Riches

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  1. Louisiana’s Riches Unit 5

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

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

  4. Competition • The efforts of two businesses with the same products or services to get customers to buy from them

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

  6. Natural Resource • Materials from nature • Such as wood and stone, that people can use.

  7. Capital Resource • Any good that is used in the production of other goods. • Examples: factories, many buildings ,and equipment

  8. Human Resources • The persons employed in a business or organization

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

  10. Scarcity • A shortage, or lack of supply, of a product

  11. Abundance • A great or plentiful amount

  12. Economic Choice • The choice made among possibilities

  13. 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

  14. Consumer • A person who buys a product or service

  15. Producer • Someone who makes a product or offers a service

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

  17. Specialization • When an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts.

  18. Interdependence • Freedom from the control of another country

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