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30 Cards in this Set
- Front
- Back
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Business
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individuals or organizations who try to earn a profit by providing products that satisfy people's needs
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Product
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A good or service with tangible and intangible characteristics that provide satisfaction and benefits.
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Profit
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The difference between what it costs to make and sell and product and what a customer pays for it.
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Nonprofit organizations
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Organizations that may provide goods or services but do not have fundamental purpose of earning profits.
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Stakeholders
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Groups that have a stake in the success and outcomes of a business.
Examples: customers, employees, investors, government regulators, the community and society. |
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Economics
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The study of how resources are distributed for the production of goods and services within a social system.
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Natural Resources
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Land, forests, minerals, water, and other things that are not made by people.
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Human resources
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The physical and mental abilities that people use to produce goods and services; also called labor
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Financial resources
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The funds used to acquire the natural and human resources needed to provide products; also called capital.
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Economic System
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A description of how a particular society distributes its resources to produce goods and services.
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Business
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individuals or organizations who try to earn a profit by providing products that satisfy people's needs
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Product
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A good or service with tangible and intangible characteristics that provide satisfaction and benefits.
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Profit
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The difference between what it costs to make and sell and product and what a customer pays for it.
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Nonprofit organizations
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Organizations that may provide goods or services but do not have fundamental purpose of earning profits.
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Stakeholders
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Groups that have a stake in the success and outcomes of a business.
Examples: customers, employees, investors, government regulators, the community and society. |
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Communism
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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
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An economic system in which the government owns and operates basic industries but individuals own most business.
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Capitalism or free enterprise
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An economic system in which individuals own and operate the majority of businesses that provide goods and service.
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Free-market system
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Pure capitalism in which all economic decisions are made without government intervention.
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Mixed economies
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Economies made up of elements from more than one economic system.
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Demand
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The number of goods and services that consumers are willing to buy at different prices at a specific time.
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Supply
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The number of products-goods and services- that businesses are willing to sell at different prices at a specific time.
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Equilibrium price
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The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.
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Competition
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the rivalry among businesses for consumers' dollars.
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Pure competition
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The market structure that exists when there are many small businesses selling one standardized product.
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Monopolistic competition
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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
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The market structure that exists when there are very few businesses selling a product
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Monopoly
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The market structure that exists when there is only one business providing a product in a given market.
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Economic expansion
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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
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A condition characterized by a continuing rise in prices.
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