Economics Concepts and Definitions Quiz

Tangible products that can be physically touched, like a phone or clothes.

Intangible services that cannot be touched, like a haircut or a doctor's appointment.

The resources needed to produce goods or services. These include land, labor, capital, and enterprise.

A person who starts a business by taking risks and putting in their own resources.

The idea behind a business, the ability to organize resources, and the willingness to take risks.

The process of increasing the value of a product by adding features or improvements.

The difference between the cost of producing a product and the price it's sold for.

The money paid to workers for their labor and time.

The total amount of money a business earns from selling its products or services.

The process by which businesses create wealth through various activities, typically through the addition of value to their products.