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37 Cards in this Set

  • Front
  • Back
Individuals or organizations who try to earn a profit by providing products that satisfy people's needs.
A good or service with tangible and intangible characteristics that provide satisfaction and benefits.
The difference between what it costs to make and sell a product and what a customer pays for it
Organizations that may provide goods or services but do not have the fundamental purpose of earning profits.
Nonprofit Organizations
Groups that have a stake in the success and outcomes of a business.
Identify the main participants and activities of business
3 Segments

1. Competition; Social Responsibilities > Management > Employees

2. Economy > Finance > Owners

3. IT and Legal Regulatory Forces > Marketing > Customers
Why is studying business important?
It can help you develop skills and acquire knowledge to prepare for any career.

It can help you better understand the many business activities that are necessary to provide satisfying goods and services
The study of how resources are distributed for the production of goods and services within a social system.
Land, forests, minerals, water, and other things that are not made by people.
Natural Resources
The physical and mental abilities that people use to produce goods and services; also called labor
Human Resources
The funds used to acquire the natural and human resources needed to provide products; also called capital
Financial Resources
A description of how a particular society distributes its resources to produce goods and services
Economic System
The four types of economic systems



Mixed Economies
Economic system; a society in which the people, without regard to class, own all the nation's resources.
Economic system; the government owns and operates basic industries--the postal service, telephone, utilities, transportation, health care, banking, and some manufacturing--but individuals own most the businesses
Economic system; Individuals own and operate the majority of businesses that provide goods and services.
Capitalism (Free enterprise)
All economic decisions are made without government intervention; pure capitalism
Free-Market System
Economic system; Has aspects of some or all of the economic systems
Mixed Economies
The number of goods and services that consumers are willing to buy at different prices at a specific time.
The number of products that businesses are willing to sell at different prices at a specific time.
The prices 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 time.
Equilibrium Price
The rivalry among businesses for consumers' dollars
The four types of competitive environments in a Free-Enterprise System
1. Pure competition

2. Monopolistic Competition

3. Oligopoly

4. Monopoly
Competitive environment; Many small businesses selling one standardized product
Pure Competition
Fewer businesses than in a pure competition environment and the differences among the goods they sell are small.
Monopolistic Competition
Very few businesses selling a product
One business providing a product in a given market.
Occurs when an economy is growing and people are spending more money.
Economic expansion
A continuing rise in prices
Occurs when spending declines.
Economic contraction
A decline in production, employment, and income.

2 or more consecutive quarters of a decline in Gross Domestic Product (GDP).
The percentage of the population that wants to work but is unable to find jobs.
Severe recession; very-high unemployment, consumer spending is low, business output reduced.

Recession accompanied by deflation.
The sum of all goods and services produced in a country during a year.
Gross Domestic Product (GDP)
The condition in which a nation spends more than its takes in from taxes.
Budget Deficit
Trace the evolution of the American economy
Hunters/gatherers > agriculture > Domestic system > Industrialization > Manufacturing and Marketing economies > Service and Internet-Based economies
Discuss the role of the entrepeneur in the economy
An individual who risks his or her wealth, time, and effort, to develop for profit an innovative product or way of doing something.