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32 Cards in this Set
- Front
- Back
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Budget deficit |
The condition in which a nation spends more than it takes in from taxes |
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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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Capitalism |
An economic system in which individuals own and operate the majority of businesses that provide goods and services |
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Communism |
A society in which the people, without regard to class, own all the nation's resources |
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Competition |
The rivalry among businesses for consumers' dollars |
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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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Depression |
A condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced |
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Economic Contraction |
A slowdown of the economy characterized by decline in spending and during which businesses cut back on production and lay off workers |
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Economic Expansion |
The situation that occurs when an economy is growing in the people are spending more money; their purchases stimulate the production of goods and services; which in turn stimulates employment |
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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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Economics |
The study of how resources are distributed for the production of goods and services within a social system |
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Entrepreneur |
Individual who risk his or her wealth, time and effort to develop for profit and innovative product or way of doing |
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Equilibrium Price |
The price at which the supply and demand equal each other at a specific point in time |
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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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Free-Market System |
Pure capitalism, in which all economic decisions are made without government intervention |
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Gross Domestic Product (GDP) |
The sum of all the goods and services produced in a country during a year |
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Human Resources |
The physical and mental abilities that people used to produce goods and services; also called labor |
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Inflation |
A condition characterized by a continuing rise in prices |
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Mixed Economies |
Economics made up of elements from more than one economic system |
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Monopolistic Competition |
The market structure that exist 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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Monopoly |
The market structure that exists when there only is one business providing a product in a given market |
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Natural Resources |
Land, forests, minerals, water, and other things that are not made by people |
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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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Oligopoly |
The market structure that exists when there are very few businesses selling a product |
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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 cost to make and sell a product and what a customer pays for it |
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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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Recession |
A decline in production, employment, and income |
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Socialism |
An economic system in which the government owns and operates basic industries but individuals owns most businesses |
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Stakeholders |
Groups that have a stake in the success and outcomes of a business |
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Supply |
The number of products, goods and services that businesses are willing to sell at different prices at a specific time |
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Unemployment |
The condition in which a percentage of the population wants to work but is unable to find jobs |
