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Business Review
| Term | Definition |
|---|---|
| Natural Resources | raw materials supplied by nature |
| Human Resources | people producing goods & services; people who work for a business |
| Consumer Resources | resources that help consumers make smart buying decisions, avoid trouble and resolve common problems |
| Capital Resources | products & money used to produce goods & services |
| Command Economy | an economy in which resources are owned & controlled by the government |
| Market Economy | an economy in which the resources are owned & controlled by the people of the country |
| Traditional Economy | an economy in which goods & services are produced the way they have always been produced |
| Mixed Economy | an economy that combines elements of command and market economies |
| What are the three Economic Questions ? | 1. What goods & services will be produced ? 2. How will the goods & services be produced ? 3. What needs & wants will be satisfied with the goods & services? |
| Depression | a prolonged period of high unemployment, weak consumer sales, and business failures |
| Recession | demand begins to decrease, businesses lower production, unemployment begins, and GDP growth slows |
| Recovery | unemployment begins to decrease, demand for goods & services increases, and GDP begins to rise again |
| Prosperity | most people who want to work are working, businesses produce goods & services in record numbers, wages are good, and the rate of GDP growth increases |
| Supply | the quantity of a good or service that businesses are willing and able to provide |
| Demand | the quantity of a good or service that consumers are willing and able to buy |
| Quantity | the amount or number of a material or immaterial thing |
| Imports | goods and services bought from other countries |
| Exports | goods and services sold to other countries |
| Sole Proprietorship | individual entrepreneurship |
| Corporation | a company or group of people authorized to act as a single entity |
| Partnership | formal arrangement by two or more people |
| Nonprofit Corporation | a group of people who join to do some activity that benefits the public |
| Productivity | the product of input in relation to a unit of output |
| Liabilities | what a company owes |
| Consumer | when you select, purchase, use, or dispose of goods & services |
| Budget Surplus | occurs when a government spends less than it takes in |
| Exchanged Rate | the value of a currency of one currency of one country compared with the value of another |
| Wholesaler | a retailer that often emphasizes the sale of large quantities at reasonable prices |
| Organizational Chart | a chart that shows how a business is structured and who is in charge of whom |
Created by:
Janiyah Moss
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