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16 Cards in this Set
- Front
- Back
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Business
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– individuals or organizations who try to earn a profit by providing products that satisfy people's needs.
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Product
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– a good or service with tangible and intangible characteristics that provide satisfaction and benefits
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Profit
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– the difference between what it costs to make and sell a product and what a customer pays for it
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Economics
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– the study of how resources are distributed for the production of goods and services within a social system
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economic system
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– a description of how a particular society distributes its resources to produce goods and services
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capitalism or free enterprise
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– an economic system in which individuals own and operate the majority of businesses that provide goods and services
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Free-market system
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– pure capitalism, in which all economic decisions are made without government intervention
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mixed economies
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– economies made up of elements from more than one economic system
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Demand
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– the number of goods and services that consumers are willing to buy at different prices at a specific time
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Supply
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– the number of products – goods and services – that businesses are willing to sell at different prices at a specific time
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equilibrium price - [ee-kwuh-lib-ree-uhm, ek-wuh-]
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– the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time
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Competition
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– the rivalry among businesses for consumers' dollars
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pure competition
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– the market structure that exists when there are many small businesses selling one standardized product
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economic expansion
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– the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment
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economic contraction
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– a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers
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Entrepreneur
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– an individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something
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