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OTB CH 1

business language

TermDefinition
economic decision making process of choosing which wants, among several options, will be satisfied
producers individuals and organizations that determine what products and services will be available for sale
economic system a nations plan for answering the three economic questions
economic resources means through which goods and services are produced
needs things that are required in order to live
scarcity not having enough resources to satisfy every need
supply quantity of a good or service that businesses are willing and able to provide
consumer person who buys and uses goods and services
command economy system in which resources are owned and controlled by the government
goods things that you can see and touch
wants things that add comfort and pleasure to life
services activities that are consumed at the same time they are produced
business cycle movement of economy from condition to another
gross domestic product total value of all final goods and service produced in a country in one year
budget surplus government spends less than it takes in
depression a phase in the economic cycle marked by a long period of high unemployment, weak consumer sales, and business failures
bond represents debt in organization
personal income salaries and wages as well as investment income and government payments to individuals
capitalism private ownership of resources by individuals rather than by the government
traditional economy system in which goods and services are produced the way it has always been done
mixed economy system that combines elements of the command and market economies
demand quantity of a good or a service that consumers are willing and able to buy at a particular price
market price point where supply and demand are equal
market economy system in which the resources are owned and controlled by the people of the country
opportunity cost activities that are consumed at the same time they are produced
services things that add comfort and pleasure to your life
tradeoff giving up something to have something else
Created by: mlmoore14
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