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Business Mgt 9

QuestionAnswer
Labor The body of persons engaged in such activity, esp. those working for wages.
Human capital The measure of economic value of an employee’s skill set.
Physical capital A non-human asset made by humans and then used in production
Want Something that is desired
Need Something that is essential for survival
Scarcity Insufficiency or shortness of supply
incentive Something that incites action or greater effort, a reward for increased productivity
Socialism A system of social organization that advocates the vesting of the ownership and control of production and distribution
Welfare Financial assistance to an individual or family from either, city , state, or national government
Mixed economy An economy where both elements, public and private have enterprise, a shared economy
Competition A contest for a prize, honor, or advantage
Complement Full quantity or amount; complete allowance
Inelastic Relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price
Total revenue The amount realized from selling goods or services in the normal operations of a firm in a specified period
Normal good A good for which demand increases as consumer income rises, but at a rate slower than the rate of the increase in income
Inferior good Not a substandard- good, for an item for which income elasticity of demand is less than zero
Elasticity of supply Responsiveness of producers to changes in price of their goods or services
Supply Total amount of a product (good or service) available for purchase at any specified price
Demand Desire for a certain good or service supported by the capacity to purchase it
Variable cost Periodic costs that vary; they never stay the same, no set price
Marginal cost Costs that will be consistent, they always stay the same
Equilibrium When supply and demand are at the same level
Monopoly Market situation where one producer controls supply of a good or service
Price ceiling This is the maximum amount that will be paid or reached
Mergers Any combination of two or more business enterprises into a single enterprise
Created by: guzmani12