word | def. |
business | profit seeking activity |
goods | tangable items sold |
service | intangable offering |
economic system | set of rules allocate a countries resources to satisfy citzens needs |
1/5 factors of production | labor |
1/5 factors of production | capital |
1/5 factors of production | entrepreneurs |
1/5 factors of production | info. resources |
1/5 factors of production | natural-physical resources |
capitalism | free market, competition |
communism | planned ecomenmy |
socialism | almost planned, inbetween |
mixed market | lesser socialism |
gdp | gross demestic product |
decline in gdp for 2 quaters | recession |
major recession | depression |
fiscal policy | taxes or expenditures |
monetary policy | gov. programs |
inflation | rise in goods, lowered purchasing power |
absolute advantage | only country to produce a product |
free trade | no gov. restrictions |
protectionism | gov protects local business from outside competition |
barrier to trade | distance |
barrier to trade | language |
barrier to trade | cultural difference |
barrier to trade | tarrif |
barrier to trade | import quatas |
industrial business | firms that produce goods that are often used by other businesses or organizations to make things |
service firms | businesses that provide assistance to satisfy specialized |
manufacturing firms | businesses that produce goods |
finance | delas with all money matters related to running a business |
third world nation | countries undeveloped have few manufacturing firms and have poor people |
commercial business | firms engaged in marketing, finance,and furnishing servuces |
industry | a word often used to refer all business in the same category |
service | activities of value that do not result in the ownership of a physical product |
global competetion | the ability of profit making organizations to compete with other businesses in other countries |
effectiveness | occurs when a compnay makes the right decisions in deciding what products or services customers use |
efficiency | occurs when an organization produces needed goods at low cost |
domestic goods | made in u.s. |
foreign goods | made in a different country |
total quality management | a commitment to excelence thats accomplished by teamwork and improvement |
output | the quality or amount produced witin a given time |
productivity | refers to producing the largest quantity in the least time by using effiecnt mehtods and modern equipment |
mass production | an assembly process in which a large number of products are produced identcially |
downsize | cutting back on the goods provided and shrinking the size of a firm and their emplyees |
empowerment | lets workers decide how to perform their work tasks and offer idead on how to improve the work process |
GDP | the total value of goods produced and services provided in a year |