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Free Enterprise

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.

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Free Enterprise

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  1. Free Enterprise 3rd grade Katonya Beaubouef – Herod Elementary

  2. Free enterprise • The freedom to start a business and sell, for profit, any product or service allowed by law.

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

  4. demand • The desire or need for a product or service. When will the demand for a product be small? High?

  5. supply • The amount of goods offered for sale by a business. Explain the difference between supply and demand.

  6. How Supply and Demand Work

  7. scarcity • A shortage, or lack of supply of a product What are some causes of scarcity?

  8. specialize • To do just one kind of work or sell just one kind of product.

  9. overhead • The amount of money it takes to run a business. overhead Heating/ cooling workers electricity

  10. wage • The money a worker is paid.

  11. 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?

  12. marketing • The job of getting costumers to want a product. McD sponsor coupons advertise

  13. 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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