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Intro to Bus Unit 1
Unit 1 vocabulary list
| Term | Definition |
|---|---|
| Needs | things that you must have in order to survive |
| Wants | things that a person does not need in order to survive, but would like to have. |
| Goods | physical products |
| Services | tasks that businesses perform for consumers. |
| Resources | items that people can use to make or obtain what they need or want |
| Opportunity Cost | what you give up when you make one choice instead of another |
| Business | any commercial activity that seeks profit by providing goods and services in exchange for money |
| Capital Resources | things used to produce goods and services |
| Economic System | the method that a society chooses to use and distribute resources |
| Entrepreneurship | process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business |
| Human Resources | the people employed in a business, commonly referred to as personnel |
| Labor | individuals who make the goods and services for which they are paid |
| Natural Resources | raw materials from nature used to produce goods |
| Non-renewable resources | resources that are limited (ex coal, iron, oil) |
| Renewable resources | resources that can be reproduced (ex. cattle, wheat) |
| Scarcity | a shortage of resources |
| Business cycle | the rise and fall of economic activity over time. |
| Contraction | noticeable drop in the level of business activity or a slowing down of the economy |
| Depression | a deep recession that affects the entire economy and last for several year |
| Economic Indicators | important data or statistics that measure economic activity and business cycles |
| Expansion | rise in business activity. |
| Gross Domestic Product | is the dollar value of all final goods and services produced in a nation in a single year |
| Inflation | a prolonged rise in level of prices for goods and services |
| Inflation rate | the percentage by which the average level of prices in an economy rise |
| Peak | the highest level of economic activity in a cycle |
| Recession | a period of severe economic decline |
| Recovery | a period of economic growth or expansion following a recession or depression |
| Standard of Living | a measure of how well the people in an economic system live |
| Trough | lowest point of the business cycle |
| Unemployment Rate | the percentage of the unemployed workforce looking for jobs. |
Created by:
khalupka
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