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Business Mgt 9
| Question | Answer |
|---|---|
| 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
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