Addition terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Entrepreneur | a)Person operating a business
b) Decides what goods and services to produce and how to produce them
c) Puts own funds at risk; if wrong decision can lose money.
d)50% new business fail in 4 yrs, but without entrepreneurs no economic progress
🗑
|
||||
| Invention | Development of a NEW good or NEW process for makeing a good
🗑
|
||||
| Innovation | Practical application of an invention (widespread use); includes any significant improvement in a good or in the means of producing a good.
Time passes between appearance of an idea and it development for wide spread use (innovation).
🗑
|
||||
| Example of Invention versis Innovation | Invention: Wright brother's self-propelled plane (1906)
Innovation: DC-3 Douglas airplane (1936)used for intercity flights
🗑
|
||||
| Technology | Processes a firm uses to produce good and services
🗑
|
||||
| Firm, company, or business | Organization that produces a good or service.
Most firms produce for profit but some are nonprofit (not making money) and ex. is universities and hospitals
🗑
|
||||
| Goods | Tangible merchandise such as books and computers
🗑
|
||||
| Services | Activities done for others like providing haircuts or giving investment advice.
🗑
|
||||
| Revenue | Total amount of money received for selling a good or service. Calculate it by multiplying price per unit by no. of units sold.
🗑
|
||||
| Profit | Profit = Revenue - Costs
🗑
|
||||
| Accounting profit | Excludes those costs that firm does not pay for explicitly. (Excludes opportunity cost)
🗑
|
||||
| Economic profit | Includes all costs (including opportunity cost). In book "profit" means economic profit!
🗑
|
||||
| Household | All persons occupying a home. Households supplies labor and they demand goods and services.
🗑
|
||||
| Factors of productions or economic resources | Used by firms to produce goods and services.
Main factors are labor, capital, natural resources, land, entrepreneurial ability.
🗑
|
||||
| Capital | Refers to financial capital or to physical capital.
Financial capital - stocks and bonds issued by firms, bank accounts, holdings of money
Economics use physical capital- manufactured goods used to produce other goods and services.
🗑
|
||||
| Examples of physical capital | computers, factory building, machine tools, warehouses, and trucks etc.
🗑
|
||||
| Capital Stock | Total amount of physical capital available in a country.
🗑
|
||||
| Human Capital | Accumulated training and skills that workers possess.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
ace100
Popular Business sets