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POB Chp1 Study Guide

Study Guide for Chapter 1 Test POB

TermDefinition
Business The term for all activities involved in developing and exchanging products
Client The customer of a service business
Product Anything that is bought or sold
Consumers Customers who purchase goods and services for their own use
Form Utility Added when a business changes the form of a good or service to make it more useful
Market Anywhere buyers and sellers meet to buy and sell goods and services.
Profit The difference between the income earned and the expenses incurred by a business during a specific period of time
Economics A science that examines how goods and services are produced, sold, and used
Traditional Economy One in which economic decisions are based on a society’s values, culture, and customs
Supply and Demand Says that the price of a product is determined by the relationship of the supply of a product and the demand for the product
Customer Individual or group who buys products
Labor Work performed by people in businesses, also called human resource.
Capital All the tools, equipment, and machinery used to produce goods or provide services.
Trade-off When an item is given up in order to gain something else
Competition Actions taken by two or more businesses attempting to attract the same customers.
Need Something a person must have to survive.
Service Action or task that is performed, usually for a fee.
Standard of living Level of material comfort measures by the goods, services, and luxuries available.
Capital Goods Products businesses use to produce other goods.
Economic System Organized way in which a nation chooses to use its resources to create goods and services.
Scarcity When demand is higher than the available resources.
Capitalism An economic system where the economic resources are privately owned by individuals rather than the government.
Opportunity Cost The value of the next best option that was not selected.
Entrepreneurship Willingness and ability to start a new business.
Wages Money earned in exchange for work
Want Something that a person desires but can live without
Utility The characteristics of a product that satisfy wants and needs
Command Economy Economy in which the government makes all the economic decisions for its citizens.
Systematic Decision Making The process of choosing an option after evaluating the available information and weighing the costs and befits of the alternatives
Mixed Economy Economy in which both the government and individuals make decisions about economic resources.
Law of Supply and Demand An economic principle that states the price of a product determined by the relationship of the supply of the product and the demand for a product.
Market Forces Economic factors that affect the price, demand, and availability of a good or service. Market forces include supply and demand, the profit motive, and competition.
The functions of business production, finance, marketing, and management.
The four economic systems Traditional economy, command economy, market economy, and mixed economy.
The five types of utility Form, place, time, information, and possession.
Characteristics of a free enterprise system Private property, profit, economic freedom, voluntary exchange, and competition.
The basic economic problem Individuals, businesses, and governments must constantly make choices about using limited resources to satisfy unlimited wants.
Profit Motive One Reason people choose to start and expand businesses
Market Price The point where supply equals demand
Consumer Economy Another name for a market economy
Land Includes all of a nation's natural resources
Created by: mrstephens
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