Business Mgt 9
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Labor | The body of persons engaged in such activity, esp. those working for wages.
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| Human capital | The measure of economic value of an employee’s skill set.
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| Physical capital | A non-human asset made by humans and then used in production
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| Want | Something that is desired
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| Need | Something that is essential for survival
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| Scarcity | Insufficiency or shortness of supply
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| incentive | Something that incites action or greater effort, a reward for increased productivity
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| Socialism | A system of social organization that advocates the vesting of the ownership and control of production and distribution
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| Welfare | Financial assistance to an individual or family from either, city , state, or national government
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| Mixed economy | An economy where both elements, public and private have enterprise, a shared economy
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| Competition | A contest for a prize, honor, or advantage
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| Complement | Full quantity or amount; complete allowance
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| Inelastic | Relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price
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| Total revenue | The amount realized from selling goods or services in the normal operations of a firm in a specified period
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| Normal good | A good for which demand increases as consumer income rises, but at a rate slower than the rate of the increase in income
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| Inferior good | Not a substandard- good, for an item for which income elasticity of demand is less than zero
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| Elasticity of supply | Responsiveness of producers to changes in price of their goods or services
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| Supply | Total amount of a product (good or service) available for purchase at any specified price
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| Demand | Desire for a certain good or service supported by the capacity to purchase it
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| Variable cost | Periodic costs that vary; they never stay the same, no set price
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| Marginal cost | Costs that will be consistent, they always stay the same
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| Equilibrium | When supply and demand are at the same level
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| Monopoly | Market situation where one producer controls supply of a good or service
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| Price ceiling | This is the maximum amount that will be paid or reached
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| Mergers | Any combination of two or more business enterprises into a single enterprise
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
guzmani12
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