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Business Essentials Chapter 1

Business An organization that seeks to earn profits by providing goods and services.
Profit What remains (if anything) after a business's expenses are subtracted from its sales revenues.
Not-For-Profit Organization An organization that provides goods and services to customers, but does not seek to make a profit while doing so.
Economic System The way in which a nation allocates its resources among its citizens.
Factors of production The resources used to produce goods and services; labour, capital, entrepreneurs, and natural resources.
Command Economy An economic system in which government controls all or most factors of production and makes all or most production decisions.
Market Economy An economic system in which individuals control all or most factors of production and make all or most production decisions.
Communism A type of command economy in which the government owns and operates all industries.
Market An exchange process between buyers and sellers of a particular good or service.
Output Market Firms supply goods and services in response to demand on the part of consumers.
Input Market Firms buy resources that they need in the production of goods and services.
Capitalism An economic system in which markets decide what, when, and whom to produce.
Mixed Market Economy An economic system with elements of both a command economy and a market economy; in practice, typical of most nations economies.
Privatization The transfer of activities from the government to the private sector.
Deregulation A reduction in the number of laws affecting business activity.
Competition Act Prohibits a variety of business practices that lessen competition.
Lobbyist A person hired by a company or an industry to represent its interests with government officials.
Trade Association An organization dedicated to promoting the interests and assisting the members of a particular industry.
Demand The willingness and ability of buyers to purchase a product or service.
Supply The willingness and ability of producers to offer a good or service for sale.
Law of Demand The principle that buyers will purchase (demand) more of a product as price drops.
Law of Supply The principle that producers will offer (Supply) more of a product as price rises.
Demand and Supply Schedule Assessment of the relationships between different levels of demand and supply at different price levels.
Demand Curve Graph showing how many units of a product will be demanded (bought) at different prices.
Supply Curve Graph showing how many units of a product will be supplied (offered for sale) at different prices.
Market Price(Equilibrium Price) Profit-maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal.
Private Enterprise An economic system characterized by private property rights, freedom of choice, profits, and competition.
Perfect Competition A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price.
Surplus Situation in which quantity supplied exceeds quantity demanded.
Monopolistic Competition A market or industry characterized by a large number of firms supplying products that are similar but distinctive enough from one another to give firms some ability to influence price.
Oligoploy A market or industry characterized by a small number of very large firms that have the power to influence the price of their product and /or resources.
Monopoly A market or industry with only one producer, who can set the price of its product and/or resources.
Created by: js_90210
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