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106 Cards in this Set
- Front
- Back
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need
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Something thought to be a necessity or essential item required for life.
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want
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Something desired or items which increase the quality of life.
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resources
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Anything that people can use to make or obtain what they need or want.
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goods
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Something that can be physically weighed or measured and we can use, touch, or see.
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services
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Tasks that people or machines perform
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consumer
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A person who selects, uses, or disposes of goods or services.
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business
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An activity that seeks profit by providing goods or services to others.
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competition
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A contest between business to win customers.
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decision making
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A process where you identify the problem, list alternatives, determine pros and cons, then make the best decision and evaluate that decision.
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natural resources
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Raw material found in nature such as coal and water.
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human resources
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The knowledge, effort, and skills people bring to work and labor can be skilled or unskilled.
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capital resources
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The things used to produce goods and services such as buildings, equipment, and materials.
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entrepreneurial resources
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The human component that meets the changing wants and needs of people.
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scarcity
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The desire for things is greater than what is freely available.
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opportunity cost
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A trade off for something else.
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allocation
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The handing out of something.
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rationing
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To allow each person to have only a fixed amount of something.
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economics
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Studies over how society chooses to use resources to produce and distribute goods/services for consumption
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basic economic questions
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What to produce? How to produce? For whom to produce?
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market economy
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Economy that is a free democratic society with free trade, low taxes, prices determined by competition and production privately owned.
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mixed economy
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Economy that is a democratic socialism with some free trade, high taxes, production owned by state and individuals and resources are produced to benefit society and avoids competition.
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command economy
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Economy that is a dictatorship or communism that has no free trade, high taxes, production owned by state, and government plans and determines allocation of resources.
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supply
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The amount of goods or services that produces will provide at various prices.
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demand
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The amount or quantity of goods or services that consumers are willing to buy at various prices.
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equilibrium
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The point where supply equals demand.
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GDP
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The basic measure of national economic output of all final goods/services produced in a year.
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intermediate goods
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Things that are produced and then used up in the production of other goods/services.
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final goods
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The goods and services sold to consumers.
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durables
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Consumer good that will last longer than three years.
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non-durables
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Goods expected to last less than three years.
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GDP
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GDP does not cover used goods, financial assets, imports, household production, underground markets, and distribution of wealth in a country.
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standard of living
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The amount of goods and services the average citizen can buy.
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minimum wage
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A minimum hourly wage an employer can pay an employee to work.
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unemployment rate
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Rate measures the number of people who are able and willing to work but cannot find work during a given period.
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inflation
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Ones buying power decreases which causes a general increase in price of goods.
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budget deficit
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When government spends more on programs than it collects in taxes.
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budget surplus
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When government’s revenue exceeds its expenditures.
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national debt
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The total amount of money a country owes.
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business cycle
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The four phases an economy will go through: Prosperity, Recession, Depression, and Recovery.
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ethics
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A set of moral principles by which people conduct themselves personally, socially, or professionally.
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business ethics
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A set of laws about how a business should conduct itself.
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legal responsibility
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Businesses must follow laws or may be fined lawsuits and new regulations.
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code of ethics
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A set of strict guidelines for maintaining ethics in workplace.
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social responsibility
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The duty to do what is best for good of society.
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OSHA
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A division of the Department of Labor that sets and enforces work related health and safety rules.
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Food and Drug Administration
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A government agency that protects consumers from dangerous or falsely advertised products.
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Equal Pay Act
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A federal law requiring that men and women be paid the same wages for doing equal work.
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Environmental Protection Agency
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A federal agency that enforces rules to protect the environment and control pollution.
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entrepreneurship
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A business started by someone who notices a need for product or service.
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small business
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An independently owned business that usually has the owner as its manager.
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Sole proprietorship
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A form of business organization that is owned and managed by one individual who assumes all risk of loss and receives all profits.
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partnership
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A form of business organization that is owned by two or more individuals who assume all risk of loss and receive all profit.
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corporation
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A form of business organization that is created by law, functions as a separate legal entity and is owned by two or more individuals called stockholders.
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franchise
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A system by which a firm expands into new towns by selling the rights to use the company’s name and products to individuals and provides training services and advertising campaign.
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cooperation
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A form of business organization that is owned and operated for the benefit of those using the services.
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producer
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Gathers raw products in their natural state.
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processor
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Change in raw materials into more finished product.
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manufacturers
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Businesses make finished products out of processed goods.
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intermediaries
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Moves goods from one business to another.
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wholesaler
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Buys large amounts from manufacturer and resells to smaller companies.
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retailer
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Sells directly to consumer
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imports
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When a country brings goods and services into a country from abroad for sale.
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exports
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When a country sends goods and services into another country for sale.
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multinational corporation
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Company that does business in many countries.
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exchange rate
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The price at which one currency can buy another currency.
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international trade
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Trade alliances like NAFTA merge economies to make trading easier.
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balance of trade
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The difference in the value between how much a country imports and how much it exports.
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quota
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A limit placed on the quantities of a product that can be imported.
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tariff
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A tax placed on imports to increase their price in the domestic market.
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law
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As a rule of conduct or action prescribed or formally recognized as binding and enforced by a controlling authority.
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legal system
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A set of laws adopted by a society.
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torts
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A civil wrong that a court will give a remedy in the form of an action for damages.
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assault
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Attacking someone physically
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false imprisonment
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The restraining the movement of another person.
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invasion of privacy
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Private information that is made public that is objectionable by that person.
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libel
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Damaging someone’s reputation by lying about them in written forms.
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slander
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Damaging someone’s reputation by speaking lies about them.
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crime
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An act, committed or omitted in violation of public law governing it.
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felony
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Any serious crime for which the punishment can be more than one year or death.
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misdemeanor
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A crime for which punishment is one year or less in prison and/or possible fine.
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violation
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Offenses that are of lesser importance than felonies and misdemeanors.
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robbery
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The taking of money or valuable property from a person against his will, by force or fear.
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burglary
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The breaking and entering a building with the intent to steal.
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shoplifting
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Stealing goods from a store.
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arson
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The malicious or fraudulent burning of property.
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Wall Street
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A street in lower Manhattan that is the home of the New York Stock Exchange.
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commodity
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A raw material or agricultural product that can be bought and sold.
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Domestic Violence |
Behaving violently inside the home. |
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Jaywalking |
Crossing the road at an undesignated spot |
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Cybercrime |
Doing something illegal over the Internet or a computer system. |
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Drunk Driving |
Driving with too much alcohol in one's blood. |
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Bribery |
Giving money to influence another person |
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Assassination |
Killing a Famous Person |
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Espionage |
Spying to obtain political or military information. |
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Genocide |
Killing on purpose a large number of people especially from a particular group or area |
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Hijacking |
Taking control of a plane, train, etc by force to meet political demands |
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Kidnapping |
Taking someone by force, often demanding money for their safe return |
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Child Abuse |
Treating a child badly physically, emotionally or sexual nature |
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Lynching |
Killing someone without legal process. |
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Vandalism |
Destroying private or public property purposely |
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White Collar Crime |
Financially motivated non-violent crime by a worker |
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Manslaughter |
Killing someone by accident |
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Murder |
Killing someone on purpose |
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perjury |
Lying in court, while under oath |
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Smuggling |
Taking things secretly in or out of a place, country, jail, etc. |
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Robbery |
Stealing large amounts of money or valuables with force or violence |
