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Chapter 1

Intro to business

TermDefinition
business term for all the activities involved in developing and exchanging products
product anything that can be bought or sold
good physical item that can be touched
service action or task that is performed, usually for a fee
customer individual or group who buys products
consumer customers who purchase goods and services for their own use.
need Something a person must have to survive
want something a person desires but can live without.
utility characteristics of a product that satisfy wants and needs; a products usefulness
market anywhere buyers and sellers meet to buy and sell goods and services
profit The difference between the income earned and expenses incurred by a business during a specific period of time
wages An amount of money paid to an employee at a specified rate per hour worked
standard of living Level of material comfort measured by the goods, services, and luxuries available.
economics branch of knowledge concerned with the production, consumption, and transfer of wealth.
factors of production The factors of production include land, labor, capital, and entrepreneurship.
labor workforce/people: farmers, construction workers
capital money/ equipment
entrepreneurship willingness/ability to start a new business
Entrepreneur a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
scarcity when demand is higher than available resorces
trade off is when something is given up in order to gain something else
opportunity cost is the value of the next best option
economic system is an organized way in which a nation chooses to use its resources to create goods and services
traditional economy economic decisions are based on customs and beliefs
command economy government makes all economic decisions for its citizens
market economy individuals are free to make their own economic decisions
mixed economy both government and individuals make decisions about economic resources
law of supply and demand theory that explains the interaction between the sellers of a resource and the buyers for that resource.
competition the activity of competing with someone else
Created by: puentesk
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