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27 Cards in this Set
- Front
- Back
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Capital Resources |
A resource such as equipment, a building, or money, that is used to produce goods and services |
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Consumer Purchasing Power |
When consumers have the power to choose where they will buy goods and services, and how much they will pay for them. |
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Consumers |
A person who buys goods and services. Also referred to as a customer |
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Cost |
The amount of money that is required for each stage of production. |
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Demand |
The quantity of a good or service that consumers are willing and able to buy. |
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Economic System |
The way business and government work together to provide goods and services to consumers. |
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Entrepreneur |
A person who takes risks and starts a venture to solve a problem or to take advantage of an opportunity; a person who provides an innovative product or service to meet a consumer want or need |
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Expenses |
Expenditures that help a business generate revenue; assets that are consumed in the process of generating revenue |
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Factors of Production |
Another name for economic resource. |
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Goods |
An item that can be seen and touched |
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Human Resources |
People who work to produce goods and services in a business;also known as work force or labor. |
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Interdependent |
Mutually dependent;relying on others who also rely on you. |
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Inventory |
Goods and materials kept on hand |
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Law of Demand |
The economic principle that demand goes up when prices come down,and comes down when prices go up |
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Law of Supply |
The economic principle that supply goes up when prices go up, and comes down when prices come down. |
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Marketplace |
Any location where producers and consumers come together to engage in the buying or selling of goods and services. |
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Natural Resources |
Those raw materials that we get from the earth, the water, and the air. |
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Needs |
An item necessary for survival such as food, clothing, or shelter. |
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Non-Profit Organization |
A charitable organization or charity that does not seek profit from the operations of the business and raises funds for a specific goal. |
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Obsolete |
A product or service that consumers no longer want because it has become outdated or outmoded or has been replaced by a new or improved product. |
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Pricing power |
When businesses are in control and can charge high prices and raise prices when costs go up. |
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Producer |
An individual or business that makes a product. |
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Profit |
The reward that an owner receives for taking risks. It is the money left over from sales after the costs and expenses of operating a business have been paid |
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Services |
Assistance provided, usually in return for payment, that satisfies needs and wants of people or businesses but that does not result in a product that can be touched. |
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Solvency |
Having the ability to pay all debts and other obligations. |
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Supply |
The quantity of a good or service that producers can provide, determined by the costs of producing it and by the price people are willing to pay for it. |
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Wants |
An item not necessary for survival but that adds pleasure and comfort to life. |
