Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
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

chapter 1-UVI Bus112

intro to business by Koopar- Chapter 1

QuestionAnswer
free enterprise the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to see it
cultural (or workplace) diversity differences among people in a workforce owing to race, ethnicity, and gender
business the organized effort of individuals to produce and sell, for a profit, the good and services that satisfy society's needs
stakeholders all the different people or groups of people who are affected by the policies and decisions made by an organization
economics the study of how wealth is created and distributed
microeconomics the study of the decisions made by individuals and businesses
macroeconomics the study of the national economy and the global economy
economy the way in which people deal with the creation and distribution of wealth
entrepreneur a person who risks his or her time, effort, and money to start and operate a business
capitalism an economic system in which individuals own and operate the majority of businesses that provide goods and services
invisible hand a term created by Adam Smith to describe how an individual's own personal gain benefits others and a nation's economy
market economy an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities, sold and prices
mixed economy an economy that exhibits elements of both capitalism and socialism
consumer-products goods and services purchased by individuals for personal consumption
command economy an economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production
productivity the average level of output per worker per hour
gross domestic product (GDP) the total dollar value of all goods and services produced by all people within the boundaries of a country during a one-year period
inflation a general rise in the level of prices
deflation a general decrease in the level of prices
unemployment rate the percentage of a nation's labor force unemployed at any time
consumer price index (CPI) a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area
producer price index (PPI) an index that measures prices that producers receive for their finished goods
business cycle the re-occurrence of periods of growth and recession in a nation's economic activity
recession two or more consecutive three-month periods of decline in a country's GDP
depression a severe recession that lasts longer than a typical recession
monetary policies Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates
fiscal policy government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending
federal deficit a shortfall created when the federal government spends more in a fiscal year than it receives
national debt the total of all federal deficits
competition rivalry among businesses for sales to potential customers
perfect (or pure) competition the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product
supply the quantity of a product that producers are willing to sell at each of various prices
demand the quantity of a product that buyers are willing to purchase at each of various prices
market price the price at which the quantity demanded is exactly equal to the quantity supplied
monopolistic competition a market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors
product differentiation the process of developing and promoting differences between one's products and all similar products
oligopoly a market (or industry) in which there are few sellers
monopoly a market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry
natural monopoly an industry requiring huge investments in a capital and within which any duplication of facilities would be wasteful and thus not in the public interest
standard of living a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services
barter a system of exchange in which goods or services are traded directly for other good or services without using money
domestic system a method of manufacturing in which an entrepreneur distributes raw materials to various homes, where families process them into finished goods to be offered for sale by the merchant entrepreneur
factory system a system of manufacturing in which all the materials, machinery, and workers required to manufacture
specialization the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals
e-business the organized effort of individuals to produce and sell through the Internet, for a profit, the products and services that satisfy society's needs
service economy an economy in which more effort is devoted to the production of services than to the production of goods
sustainability meeting the needs of the present without compromising the ability of future generations to meet their own needs
Created by: mahepath
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards