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