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Business chapters1&2
Chapters 1 and 2 intro
| Question | Answer |
|---|---|
| Needs | Things required in order to live |
| Wants | Things that add comfort and pleasure to your life. |
| Goods | Things you can see and touch |
| Servicies | Activities that are consumed at the same time produced |
| Economic Resource | The means through which goods and services are produced |
| Scarcity | Not having enough resources to satisfy every need |
| Tradeoff | What you make when you give something up to have something else |
| Opportunity Cost | Value of the next best atlernative that you didn't choose |
| Economic System | a nations plan for answering the three economic questions |
| Command Economy | An economy in which resources are owned and controlled by the goverment |
| Market Economy | An economy in which the resources are owned and controlled by people in the country |
| Traditional Economy | An economy in which goods and services are produced the way they have always been produced |
| Mixed Economy | An economy that combines elements of command and market economy |
| Capitalism | Private ownership of resources by individuals rather then by the goverment |
| Consumer | Person who buys and uses services |
| Producers | Individuals and orginazations that determine what products and serevices will be for sale |
| Demand | The quanity of a good or service that consumers are willing to buy |
| Supply | Quanity of a good or service that businesses to buy will be willing to provide |
| Market Price | Point where supply and demand are equal |
| GDP | Total dollar value of all final goods and services produced in one year. |
| GDP per Capita | Output per person |
| Unemployment Rate | Portion of people in labor force not working |
| Productivity | Production output in relation to a unit of input such as a worker |
| Personal Income | Saleries and wages as well as investment income and goverment income and goverment payment to individuals |
| Retail Sales | Sales of durable and nondurable goods anbought by consumers |
| Business Cycle | Movement of economy from one condition to another and back. |
| Prosperity | Period in which most people who want work are working, wages are good and rate of GDP increases |
| Recession | Period in which demand begins to decrease and unemployemnet rises |
| Depression | A phase market by a prolonged period of unemployment and business failures |
| Recovery | Phase which unemployment begins to decrease and demand for goods and services increase |
| Inflation | increase in general level of prices |
| Price Index | # that compares prices in prices in one year with some earlier base year |
| Deflation | Decrease in general leval of prices |
| Capital Project | Involve spending by businesses for items such as land, buildings equipment and new products |
| Stock | Represents ownereship in a coropartion |
| Bond | Debt for and Organization |
| Budget Surplus | Government spends less then taken in |
| Budget Deficit | Government spends more then taken in |
| National Debt | Total amount owned by a federal goverment |
| 2 causes of inflation? | Prices going up faster then wages, demand greater then supply |
| U.S economic system based on 4 principles... | private property, freedom of choice, profit, competiton |
| GDP measured in 4 catagories | consumer spending, business spending, goverment spending, balance of trade. |
| Citizens of a country contribute in two ways? | spenders and workers |
Created by:
rhaskin9
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