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Ch 1: Business

Exploring the World of Business

QuestionAnswer
free enterprise individuals have freedom in choosing means of production and how to sell their product
To succeed in business, you must have a.. dream
Adapting to __________ in the environment will help you succeed in business. changes
What is business? organized effort of individuals to produce and sell goods and services to people for a profit
The four key resources to a successful business include... Human, informational, financial, and material
rational self interest making decisions that leave someone better off
Factors of production land, labor, capital, entrepreneurship
Capitalism individuals own and operate majority of businesses that provide goods and services, for the gov't has limited control
command economy government decides what, where, how and who gets the products
gross domestic product (GDP) measures economic success and how much a country produces in a year
inflation general rise in level of prices
deflation general decrease in level of prices
unemployment rate percentage of nation's labor force unemployment rate
consumer price index measures level of price changes in goods/services per year
balance of trade Exports - imports
prime interest rate lowest interest rate that banks charge most credit worthy customers
standard of living subjective measure of how well a society is progressing by its use of goods and services
barter trading one good/services for another good/service
specialization of labor distinct tasks and assignments divided to certain individuals
Created by: nnaseem98
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