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Review for final exams

TermDefinition
Natural Resources Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Human Resources The personnel of a business or organization, especially when regarded as a significant asset.
Consumer Resources Interactions are the core motif of ecological food chains or food webs, and are an umbrella term for a variety of more specialized types of biological species.
Capital Resources Are goods produced and used to make others goods and services.
Command Economy An economy in which production, investment, prices, and incomes are incomes are determined centrally by a governments.
Market Economy A system where the laws of supply and demand direct the production of goods and services.
Traditional Economy A system that relies on customs, history, and time-honored beliefs.
Mixed Economy An economic system combining private and public enterprise.
Depression A long and severe recession in an economy or market.
Recession A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Recovery The action or process of regaining possession or control of something stolen or lost.
Prosperity The state of being prosperous.
Supply Make (something needed or wanted) available to someone; provide.
Demand An insistent and peremptory request, made as if by right.
Quantity The amount or number of a material or immaterial thing not usually estimated by spatial measurement.
Imports Bring (goods or services) into a country from abroad for sale.
Exports Send (goods or services) to another country for sale.
Sole Proprietorship Is the simplest business form under which one can operate a business.
Corporation A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Partnership The state of being a partner or partners.
Nonprofit Not making or conducted primarily to make a profit.
Created by: ms856232
 

 



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