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39 Cards in this Set
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- Back
- 3rd side (hint)
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Free Enterprise
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A system of business in which individuals decide what to produce, how to produce it and what price to sell it at.
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A system of business
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E-Busines
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The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through facilities available on the internet.
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The organized effort of
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Business
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The organized effort of individuals to produce and sell, for a profit the goods and services within a society or within an industry.
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To sell within an industry
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Consumer
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Individuals who purchase goods or services for their own personal use.
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Personal use
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Profit
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What remains after all business expenses have been deducted from sales revenue.
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What remains after
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Economics
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The study of how wealth is created and distributed.
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The study of
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Economy
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The system through which a society answers the two economic questions - how wealth is created and distributed.
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Society answers 2 questions
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Factors of Production
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The resources used to produce goods and services
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The resources used
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Enteprenuer
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A person who risks time, effort and money to start and operate a business
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A person who
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Capitalism
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An economic system in which individuals own and operate the majority of businesses that provide goods and services
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An economic system in which
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Market Economy (Free Market Economy)
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An economic system in which businesses and individuals make the decisions about what to produce and what to buy and the market determines how much is sold and at what price
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Businesses and individuals make the decisions
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Mixed Economy
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An economy that exhibits elements of both capitalism and socialism
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Elements of both
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Consumer Products
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Goods and services purchased by individuals for personal consumption
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Personal Consumption
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Command Economy
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An economic system in which the government decides what will be produced, how it will be produced, who gets what is produced and the prices of what is produced
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Government decides
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Productivity
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The average level of output per worker per hour
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output
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Gross Domestic Product (GDP)
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The total dollar value of all goods and services produced by all people within the boundaries of a country during a one year period.
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occurs during a one year period
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Inflation
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A general rise in the level of prices
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a rise
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Business Cycle
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The recurrence of periods of growth and recession in a nations economic activity
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periods of growth
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Recession
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Two consecutive three month periods of decline in a country's gross domestic product.
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two three month periods
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Depression
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A severe recession that lasts longer then a recession
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Lasts longer
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Monetary Policies
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Federal reserve's decisions that determine the size of the supply of money in the nation and the level of interest rates
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Federal reserve's decisions
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Fiscal Policy
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Government influence on the amount of savings and expenditures, accomplished by altering the tax structure and by changing the levels of government spending.
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Government influence on the amount of
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Federal Deficit
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A shortfall created when the federal government spends more in a fiscal year then it receives.
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A shortfall
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National Debt
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The total of all federal deficits
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A total
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Competition
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A rivalry among businesses for sales to potential customers
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A rivalry
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Pure Competition
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The market situation in which there are many buyers and sellers of a product and no single buyer or seller is powerful enough to affect the price of the product.
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Market situation with many buyers
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Supply
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The quantity of a product that producers are willing to sell at each of various prices
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Qty of a product, willing to sell
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Demand
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The quantity of a product that buyers are willing to purchase at each of various prices
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Willing to purchase
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Market price
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The price at which the quantity demanded is exactly equal to the quantity supplied
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Qty demanded equal to qty supplied
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Monopolistic Competition
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A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors.
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Many buyers, large number of sellers
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Product Differentiation
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The process of developing and promoting differences between one's products and all similar products
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Developing and promoting differences
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Oligopoly
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A market situation (or industry) in which there are few sellers
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Few sellers
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Monopoly
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A market (or industry) with only one seller.
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One seller
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Natural Monopoly
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An industry requiring huge investments in capital and within which duplication of facilities would be wasteful and thus not in the public interest.
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Huge investments in capital
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Barter
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A system of exchanges in which goods or services are traded directly for other goods and/or services without using money.
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The trade of goods or services
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Domestic System
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A method of manufacturing in which an entreprenuer distributed raw materials to various homes where families would process them into finished goods to be offered for sale by the merchant entreprenuer.
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Distribution of raw materials to various homes
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Factory System
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A system of manufacturing in which all the materials, machinery and workers required to manufacture a product are all assembled in one place
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All in one place
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Specialization
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The seperation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals.
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Seperation of manufacturing process
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Standard of Living
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A loose, subjective measure of how well-off an individual or a society is, mainly in terms of want satisfaction through goods and services.
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How well-off an indiviudal or society is
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