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26 Cards in this Set
- Front
- Back
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MacroEconomics
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the study of the national economy and the global economy.
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microeconomics
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the study of the decisions made by individuals and businesses.
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invisible hand
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a term created by Adam Smith to describe how an individual's personal gain benefits others and a nation's economy.
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Market economy
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an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices.
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Command Economy
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an economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production.
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Code of Ethics
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a guide of acceptable and ethical behaviors as defined by an organization.
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Interpersonal Skills
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the ability to deal effectively with other people
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Technical Skills
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specific skills needed to accomplish a specialized activity.
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Conceptual Skills
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the ability to think in abstract terms.
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Form Utility
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Utility created by people, converting raw materials, into finished products.
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Place Utility
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Utility created by making a product available at a location where customers wish to purchase it.
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Time Utility
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Utility created by making a product available when customers wish to purchase it.
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Possession Utility
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Utility created by transferring title or ownership of a product to a buyer.
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Factor of production
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resources used to produce goods and services.
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Land and Labor resources
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its the land and labor used to complete a job.
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Labor
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Work, esp. hard physical work: "manual labor".
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Capital
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a. Wealth in the form of money or property, used or accumulated in a business by a person, partnership, or corporation
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Entrepreneur
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a person who risks time, effort, and money to start and operate a business.
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Mixed Economy
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an economy that exhibits elements of both capitalism and socialism.
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Economic model of social responsibility
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the view that society will benefit most when business is left alone to produce and market profitable products that society needs.
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Socioeconomic model of social responsibility
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the concept that business should emphasize not only profits but also the impact of its decisions on society.
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Environmental Protection Agency
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an independent federal agency established to coordinate programs aimed at reducing pollution and protecting the environment
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International Business
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all business activities that involve exchanges across national boundaries.
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Comparative Advantage
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the ability to produce a specific product more efficiently than any other product.
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Absolute Advantage
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the ability to produce a specific product more efficiently than any other nation.
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Leadership
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the ability to influence others.
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