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factors of production all the economic resources necessary to produce a society's goods and services
capital resources are the things used to produce goods and services
economics study of how individuals and groups of individuals strive to satisfy their needs and wants
equilibrium price is the point at which the quantity demanded and the quantity supplied meet
budget surplus a governments revenue can exceed its expenditures during a one year period
business cycle prosperity, recession, depression, recovery
prosperity a peak of economic activity
conflict of interest a conflict between self interest and professional obligation
ethics moral principles by which people conduct themselves
advantage of sole proprietorship/disadvantage they can run the business however they want/ the owner has unlimited liability
advantage of a partnership/disadvantage each partner will contribute money to start the business/ problems occur when partners disagree
advantage of a corporation/disadvantage the corporation doesn't end if the owner dies/ there difficult and costly to start
producer is a business that gathers raw goods
processor changes raw material into more finished goods
manufacturer is a business that makes finished products out of processed goods
intermediary a business that moves goods from one business to another
wholesaler distributes goods
retailer purchases goods
four decisions a consumer must make what to buy, when to buy, where to buy, how much to pay
8 examples of where consumers shop department stores(macys) discount stores(walmart) outlets(T.J max) limited line retailers(pets mart) super stores(Kroger) convince stores(7 eleven) warehouse(Sam's club)shopping at home(eddie bauer)
types of information helpful for consumers study advertisement, shop at sales, read consumer publications
list the types of insurance life insurance, property insurance, liability insurance, health insurance, compensation insurance
life insurance protection for family members after someone dies
property insurance covers damages or losses to your property
liability insurance covers damage you may have caused accidentally
health insurance provides money to pay medical bills in cause of accidents or sickness
compensation insurance protect workers who got injured on the job
Created by: doobieboy101