Natural resources or gifts of nature that are used to produce goods and services.

The health, strength, education, training, and skills which people bring to their jobs.

Manufactured items used to produce goods and services.

It is something that is desired but not needed.

Giving up some of one thing to get some of another thing.

All buildings, equipment and human skills used to produce goods and services.

The next best alternative that must be given up when a choice is made.

The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.

The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation).

A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good.

The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.

Products that are used with one another such as hamburger and hamburger buns.

Selling price of a product multiplied by the quantity demanded.

A schedule of how much consumers are willing and able to buy at all possible prices during some time period.

A schedule of how much producers are willing and able to sell at all possible prices during some time period.

The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.

the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors.

Occurs when one party maintains total control over a type of business.

An association of two or more persons who jointly own a for-profit business.

legal entity owned by stockholders whose liability is limited to the value of their stock.

items of ownership convertible into cash.

A business organization that is unincorporated and has only one owner.

A condition or a situation in which something is required or wanted such as crops in need to water.

The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

economics manage

economics management

Question	Answer
Land	Natural resources or gifts of nature that are used to produce goods and services.
Labor	physical or mental work.
Human Capital	The health, strength, education, training, and skills which people bring to their jobs.
Physical Capital	Manufactured items used to produce goods and services.
Want	It is something that is desired but not needed.
Trade-Off	Giving up some of one thing to get some of another thing.
Capital	All buildings, equipment and human skills used to produce goods and services.
Oppurtunity Cost	The next best alternative that must be given up when a choice is made.
Scarcity	The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.
Mixed Economy	The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation).
Public Goods	A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good.
Competition	The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
Complement	Products that are used with one another such as hamburger and hamburger buns.
Total Revenue	Selling price of a product multiplied by the quantity demanded.
Demand	A schedule of how much consumers are willing and able to buy at all possible prices during some time period.
Supply	A schedule of how much producers are willing and able to sell at all possible prices during some time period.
Equilibrium	The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
Oligopoly	the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors.
Monopoly	Occurs when one party maintains total control over a type of business.
Partnership	An association of two or more persons who jointly own a for-profit business.
Corporation	legal entity owned by stockholders whose liability is limited to the value of their stock.
Assets	items of ownership convertible into cash.
Sole proprietorshiip	A business organization that is unincorporated and has only one owner.
Need	A condition or a situation in which something is required or wanted such as crops in need to water.
Productivity	The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.

Created by: kubiakb

Popular Business sets

Text and Document Formatting, Arkansas Frameworks

Excel

Personal Characteristics and Skills of a Successful Entrepreneur

Examples of Personal Characteristics and Skills of a successful Entrepreneur

Glossary for Internal Operations of a Large Business

Descriptions of the 5 stages of the Entrepreneurial Process

Entrepreneurial Process Activities

Business Plan Parts

Bus Plan Parts Ex

Bizworld Vocab #1

Unit 1 - Hardware and Software

A4 CBA Excel Vocab

"Know" box contains:
Time elapsed:
Retries: