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Midterm 1
Vocabulary
| Question | Answer |
|---|---|
| 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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