Budgets and Businesses Workshop

Budget: is a plan that shows income, spending and saving. Income: Spending: Saving:

People make choices Economic Choice: when people buy one thing instead of another thing –People make economic choices when they spend money. –Making a list or a chart of options can help people make decisions.

Businesses 2 examples of a small business 2 examples of a big business 2 examples of businesses that make things 2 examples of businesses that provide services

Amount of a Product Supply: amount of a product that producers want to sell –If supply increases, price goes down Demand: amount of products that people want and can pay for –If demand decreases, price goes down

Getting Ahead People work to earn an income. Businesses try to make a profit Profit: income a business has left after all its costs are paid Costs for businesses include: Salaries for workers Pay for goods that it buys or uses to make products

Competition Buyers can choose from products made by several companies. Most people want to pay less for a product.

Free Enterprise/ Free Market An economy in which private business operates with competition and without state control. People and Businesses choose what to produce and what to buy.

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Advertising Advertisements: promote a product, service, or event Examples:

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