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1UVI-Bus112-concepts
intro to business by Koopar- Chapter 1- concepts
| Question | Answer |
|---|---|
| resources for a business to be organized | material |
| resources for a business to be organized | human |
| resources for a business to be organized | financial |
| resources for a business to be organized | information |
| manufacturing business | type of business that process various materials into tangible goods, such as delivery trucks, towels, or computers |
| service business | type of business that produce services, such as haircuts, legal advice, or tax preparation |
| marketing intermediaries | type of business that buy products from manufacturers and then resell them. |
| loss | negative product which results when a firm's expenses are greater than its sales revenue. |
| factors of production | land and natural resources |
| factors of production | labor |
| factors of production | capital |
| factors of production | entrepreneurship |
| four fundamental issues of Laissez-Faire capitalism | right to create wealth |
| four fundamental issues of Laissez-Faire capitalism | right to own private property and resources |
| four fundamental issues of Laissez-Faire capitalism | right to economic freedom and freedom to compete |
| four fundamental issues of Laissez-Faire capitalism | right to limited government intervention |
| advantages of productivity | reduced costs, earned more profits, and products sold for the less |
| disadvantages of productivity | fewer workers producing more goods and services can lead to higher unemployment rates |
| balance of trade | the total value of a nation's exports minus the total value of its imports over a specific time |
| bank credit | a statistic that measures the lending activity of commercial financial institutions |
| corporate profits | the total amount of profits made by corporations over selected time periods |
| inflation rate | an economic statistic that tracks the increase in prices of goods and services over a period of time; calculated on a monthly or annual basis |
| national income | the total income earned by various segments of the population, including employees, self-employed individuals, corporations, and other types of income |
| new housing stats | the total number of new homes started during a specific time period |
| prime interest rates | the lowest interest rate that banks charge their most credit-worthy customers |
| peak or prosperity | business cycle phase marked by low unemployment rate, relatively high income, increase in buying power |
| recession | business cycle phase marked by rising unemployment rates, decrease in buying power, increase in value purchases |
| trough | business cycle phase marked by nation's output and unemployment levels reaching lowest levels; federal government uses monetary and fiscal policies to offset effects |
| recovery or expansion | business cycle phase marked by decline of high unemployment rates, increase in income,rise in ability and willingness to buy. |
Created by:
mahepath
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