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Chapter 1
Intro to business
| Term | Definition |
|---|---|
| business | term for all the activities involved in developing and exchanging products |
| product | anything that can be bought or sold |
| good | physical item that can be touched |
| service | action or task that is performed, usually for a fee |
| customer | individual or group who buys products |
| consumer | customers who purchase goods and services for their own use. |
| need | Something a person must have to survive |
| want | something a person desires but can live without. |
| utility | characteristics of a product that satisfy wants and needs; a products usefulness |
| market | anywhere buyers and sellers meet to buy and sell goods and services |
| profit | The difference between the income earned and expenses incurred by a business during a specific period of time |
| wages | An amount of money paid to an employee at a specified rate per hour worked |
| standard of living | Level of material comfort measured by the goods, services, and luxuries available. |
| economics | branch of knowledge concerned with the production, consumption, and transfer of wealth. |
| factors of production | The factors of production include land, labor, capital, and entrepreneurship. |
| labor | workforce/people: farmers, construction workers |
| capital | money/ equipment |
| entrepreneurship | willingness/ability to start a new business |
| Entrepreneur | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. |
| scarcity | when demand is higher than available resorces |
| trade off | is when something is given up in order to gain something else |
| opportunity cost | is the value of the next best option |
| economic system | is an organized way in which a nation chooses to use its resources to create goods and services |
| traditional economy | economic decisions are based on customs and beliefs |
| command economy | government makes all economic decisions for its citizens |
| market economy | individuals are free to make their own economic decisions |
| mixed economy | both government and individuals make decisions about economic resources |
| law of supply and demand | theory that explains the interaction between the sellers of a resource and the buyers for that resource. |
| competition | the activity of competing with someone else |
Created by:
puentesk
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