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Midterm 1

Vocabulary

QuestionAnswer
Who does not have fundamental purpose of earning a profit although they may provide goods or services? Non Profit Organizations
Who has a stake in the success and outcomes of the business? Example: customers, employees, investors, government regulation Stakeholders
What is the study of how resources are distributed for the production of goods and services within a social system? Economics
Land, forests, minerals, water, and other things that are not made by people Natural Resources
The physical and mental abilities that people use to produce goods and services Human Resources
The funds used to acquire the natural and human resources needed to provide products Financial Resources
A description of how a particular society distributes its resources to produce goods and services Economic System
First described by Karl Marx as a society in which the people, without regard to class, own all the nations resources Communism
An economic system in which the government owns and operates basic industries but individuals own most businesses Socialism
An economic system in which individuals own and operate the majority of businesses that provide goods and services Capitalism
Pure Capitalism, in which all economic decisions are made without government intervention Free Market System
Economies made up of elements from more than one economic system Mixed Economies
The number of goods and services that consumers are willing to buy at different prices at a specific time Demand
The number of products-goods and services- that businesses are willing to sell at different prices at a specific time Supply
The price at which the number of products that businesses are willing to supply equals the amount of product that consumers are willing to buy at a specific time. Equilibrium Price
The market structure that exists when there are many small businesses selling one standardized product Pure Competition
The market structure that exists when there are fewer businesses than in a pure competition environment and the differences among the goods they sell are small Monopolistic Competition
The market structure that exists when there are very few businesses selling one product Oligopoly
The market structure that exists when there is only one business providing a product to a given market. Monopoly
When economy is growing and people are spending more money Economic Expansion
A continued rise in price Inflation
A decline in production, employment, and income Recession
Sum of all goods and services produced in a country in a year Gross Domestic Product
An individual who risks his or her wealth, time, and effort to develop a profit; an innovative product or way of doing something Entrepreneur
Bernie Newcomb founded what business? E-Trade
Created by: justinottman
 

 



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