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Small Businesses in Louisiana

Small Businesses in Louisiana. Unit 7. Supply. The amount of goods offered for sale by a business. Demand. The desire or need for a product or service. Competition. A business relation in which two parties compete to gain customers. Profit.

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Small Businesses in Louisiana

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  1. Small Businesses in Louisiana Unit 7

  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 • 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

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

  7. Economic Choice • 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. • Decide between a rabbit or skateboard

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

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

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

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

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

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

  15. Services • Work that someone does for someone else

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