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26 Cards in this Set
- Front
- Back
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Business Risk |
The possibility that a company will have lower than anticipated profits, or that it will experience a loss rather than a profit. |
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Competition |
the activity or condition of competing. |
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Economy |
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
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Free Enterprise |
an economic system in which private business operates in competition and largely free of state control. |
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Inflation |
a general increase in prices and fall in the purchasing value of money. |
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Infrastructure |
the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise. |
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Monopoly |
the exclusive possession or control of the supply or trade in a commodity or service. |
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Profit |
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
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Resource |
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. |
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scarcity |
the state of being scarce or in short supply; shortage. |
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Land |
Property or real estate, not including buildings or equipment, that does not occur naturally |
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Labor |
work, especially hard physical work. |
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Capital |
wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing. |
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Entrepreneurship |
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. |
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Utility |
the state of being useful, profitable, or beneficial. |
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Possession Utility |
the state of having, owning, or controlling something. |
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form utility |
The process of increasing the attractiveness of a product to a group of consumers by altering its physical appearance |
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Time Utility |
Utility of a good or service created by its availability at a particular time. |
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Information Utility |
A service bureau that maintains up-to-date databases for public access. |
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Command Economy |
an economy in which production, investment, prices, and incomes are determined centrally by a government. |
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Recession |
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. |
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Depression |
a long and severe recession in an economy or market. |
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Surplus |
an amount of something left over when requirements have been met; an excess of production or supply over demand. |
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Equilibrium |
a calm state of mind. |
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Supply |
a stock of a resource from which a person or place can be provided with the necessary amount of that resource. |
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Demand |
an insistent and peremptory request, made as if by right. |
