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| Question | Answer |
|---|---|
| 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
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