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| Question | Answer |
|---|---|
| natural resources | materials or substances such as minerals and can be used for economic gain. |
| human resources | people who make up the workforce of an organization. |
| consumer resources | help consumers make smart buying decisions. |
| capital resources | goods produced and used to make other goods and services. |
| command economy | an economy in which production, investment, prices, and incomes are determined centrally by a government. |
| market economy | a system where the laws of supply and demand direct the production of goods and services. |
| traditional economy | economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces. |
| mixed economy | an economic system combines private an public enterprise. |
| what are the three economic questions? | what should we produce? how should we produce it? for whom would we produce it? |
| depression | sustained, long-term downturn/decrease. |
| recession | when there is a general decline in economic activity. |
| recovery | follows the process of recession in a business cycle. |
| prosperity | when the economy quickly grows. |
| supply | make (something needed or wanted) available to someone. |
| 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 special measurement. |
| imports | bring (goods or services) to another country for sale. |
| sole proprietorship | simplest business form under which one can operate a business. |
| corporation | company or group of people authorized to act as a single entity. |
| partnership | formal arrangement by two or more parties to manage and operate a business and share profits. |
| nonprofit | not making or conducted primarily to make a profit. |
| the product of input in a relation to a unit of output is____________ | productivity |
| ____________are what a company owes. | liabilities |
| you are a____________when you select. purchase, use or dispose of goods and services. | consumer |
| a______________ occurs when a government spends less than it takes in. | budget surplus |
| ___________is the value of a currency of one country compared with the value of another. | exchange rate |
| a retailer that often emphasizes the sale of large quantities at reasonable prices is a___________ | whole saler |
| raw materials supplied by nature are_____________ | natural resources |
| a chart that shows how a business is structured and who is in charge of whom is____________ | organizational chart |
Created by:
an873179
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