Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
32 Cards in this Set
- Front
- Back
Business |
Individuals or organizations who try to earn a profit by providing products that satisfy people's needs. |
|
Product |
a good or service with tangible and intangible characteristics that provide satisfaction and benefits. |
|
Profit |
the difference between what it costs to make and sell a product and what a customer pays for it. |
|
Nonprofit Organizations |
organizations that may provide goods or services but do not have the fundamental purpose of earning profits. |
|
Stakeholders |
groups that have a stake in the success and outcomes of a business. |
|
Economics |
the study of how resources are distributed for the production of goods and services within a social system. |
|
Natural Resources |
land, forests, minerals, water, and other things that are not made by people |
|
Human Resources |
the physical and mental abilities that people use to produce goods and services; also called labor |
|
Financial Resources |
the funds used to acquire the natural and human resources needed to provide products; also called capital |
|
Economic System |
a description of how a particular society distributes its resources to produce goods and services |
|
Communism |
first described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources |
|
Socialism |
an economic system in which the government owns and operates basic industries but individuals own most businesses |
|
Capitalism |
an economic system in which individuals own and operate the majority of businesses that provide goods and services |
|
Free-market System |
pure capitalism, in which all economic decisions are made without government intervention |
|
Mixed Economics |
economics that have elements from more than one economic system |
|
Demand |
the number of goods and services that consumers are willing to buy at different prices at a specific time |
|
Supply |
the number of products -good and services -that businesses are willing to sell at different prices at a specific time |
|
Equilibrium Price |
the price at which the number of products that businesses are willing to supply equals the number of products that consumers are willing to buy at a specific point in time |
|
Competition |
the rivalry among businesses for consumers' dollars |
|
Pure Competition |
the market structure that exists when there are many small businesses selling one standardized product |
|
Monopolistic Competition |
the market structure that exists when there are fewer businesses than in a pure competition environment and the differences among the goods they sell are small |
|
Oligopoly |
the market structure that exists when there are very few businesses selling a product |
|
Monopoly |
the market structure that exists when there is only one business selling a specific product at a given market |
|
Economic expansion |
the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services which in turn stimulates employment |
|
Inflation |
a condition characterized by a continuing rise in prices |
|
Economic contration |
a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers |
|
Recession |
A decline in production, employment, and income |
|
Unemployment |
the condition in which a percentage of the population wnats to work but is unable to find jobs |
|
Depression |
a condition in which unemployment is very high, consumer spending is low, and business output is sharply reduced |
|
GDP (Gross Domestic Product) |
the sum of all goods and services produced in a country during a year |
|
Budget Deficit |
the condition in which a nation spends more than it takes in from taxes |
|
Entrepreneur |
an individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something |