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21 Cards in this Set
- Front
- Back
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a worker and the idea and skills that he or she brings to his or her job
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human resource
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a service industry made up of businesses that buy goods and sell them directly to consumers
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retail trade
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in a business, money left over after all costs have been paid |
profit
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a kind of economy in which people own and run their own businesses with only limited control by the government |
free enterprise
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the money, a building, a machine, or a tool needed to run a business |
capital resource
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the world market in which companies from different countries buy and sell goods and services |
global economy
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the money a bank or a borrower pays for the use of money |
interest
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the human, natural, and capital resources that a business needs to produce goods or services |
factors of production
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a service industry made up of businesses that buy large amounts of goods from producers and then sell them to other businesses |
wholesale trade
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giving up one thing to get another
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trade-off
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something found in nature that is needed to run a business |
natural resource
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What are the factors of production that a business will need in order to provide a product or service? |
human resources natural resources capital resources |
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What are human resource and examples?
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a person/a worker to do the job factory worker, teacher, musician, chef, hair stylist, waitress, coach, firefighter, police officer, photographer |
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What are natural resources and examples?
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something found in nature trees, water, land, air, sun, oil, coal, animals, plants, minerals, fuel |
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What are capital resources and examples?
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money, buildings, machines, tools that a worker uses dollars, a building, sewing machine, tractor, hammer, saw, drill, fire truck, hose, camera, oven, sink, refrigerator, pots, dishes, markers, stapler |
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What is supply and demand and when is it used? |
--supply is how many products a business has -- demand is how many people want a product --this is a system used in the free enterprise economy |
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How does the supply and demand system work if Demand is high (up) and Supply is low (down)? |
If many people want a product then the demand is high and if there are not a lot of these products then the supply is low. --This means the price will rise, go up, increase because the owner knows he/she can charge more because the people really want it |
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How does the supply and demand system work if Demand is low (down) and the Supply is high(up)? |
If not many people want the product then the demand is low and if there are lots of these products then the supply is high --This means the price will fall, go down, decrease because the owner needs to lower the price in order to sell them (get rid of them) |
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What is the "Information Age?"
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More information is available today than ever before, and more technology is available to help people organize, share, and use information. |
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What is global economy?
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trading/buying goods and services with different countries |
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How has the United States' economy changed since the 1800's? |
It started as an agricultural economy then changed to a manufacturing economy, then changed to a service economy. |
