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29 Cards in this Set
- Front
- Back
Business |
Any activity that seeks to provide goods and services to others while operating at a profit |
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Goods |
Tangible products such as computers, food, clothing, cars, and appliances |
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Services |
Intangible products, education, health care, insurance, recreation, and travel and tourism |
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Entrepreneur |
a person who risks time and money to start and manage a business |
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Revenue |
Total amount of money a business takes in during a given period by selling goods and services |
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Profit |
the amount of money a business earns above and beyond what it spends for salaries and other expenses |
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loss |
when a business's expenses are more than its revenues |
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Standard of living |
the amount of goods and services people can buy with the money they have |
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Stakeholder |
All people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address |
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5 Factors of Production |
Land, Labor, Capital, Entrepreneurship, Knowledge |
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Productivity |
The amount of output you generate given the amount of input |
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Demography |
the statistical study of the human population with regard to its size, density, and other characteristics such as age, gender, and income |
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Greening |
Trend toward saving energy and producing products that cause less harm to the environment |
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Economics |
the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. |
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Macroeconomics |
part of economics study that looks at the operation of a nation's economy as a whole |
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Microeconomics |
part of economics study that looks at the behavior of people and organizations in markets for particular products or services |
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Resource Development |
The study of how to increase resources and to create the conditions that will make better use of those resources |
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Invisible Hand |
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all |
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Oligopoly |
A degree of competition in which just a few sellers dominate the market |
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Brain Drain |
the loss of the best and brightest people to other countries |
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Free-market Economies |
Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows |
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Gross Domestic Product (GDP) |
Total value of final goods and services produced in a country in a given year |
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Gross output (GO) |
Measure of total sales volume at all stages of production |
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Stagflation |
A situation when the economy is slowing but prices are going up anyhow |
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Consumer Price Index (CPI) |
Monthly stats that measure the pace of inflation or deflation |
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Core Inflation |
CPI minus food and energy costs |
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Producer Price Index (PPI) |
an index that measures prices at the wholesale level |
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Fiscal Policy |
The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending |
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Monetary Policy |
The management of the money supply and interest rates by the Federal Reserve. |