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Midterm Review

TermDefinition
Business The term for all activities involved in developing and exchanging products.
Product Anything that can be bought or sold.
Good A tangible item with physical attributes you can touch, feel and see.
Consumers An individual who purchase goods and services for their own use.
Utility The characteristics of a product that satisfy wants and needs.
Market Anywhere buyers and sellers meet to buy and sell goods and services.
Profit The difference between the income earned and the expenses incurred by a business during a specific period of time.
Economics A science that examines how goods and services are produced, sold and used.
Scarcity This develops when demand is higher than the available resources, which causes prices to rise as demand increased.
Economic System An organized way in which a nation chooses to use its resources to create goods and services.
Market Economy The individuals are free to make their own economic decisions.
Market Forces The economic factors that affect the price, demand and availability for a good or service.
Demand The quantity of a good or service that consumers are willing and able to purchase at various prices.
Supply The quantity of a good or service that business or producers are willing and able to sell at various prices.
Innovation The development or improvement of products, ideas or methods.
GDP The market value of all final products produced in a country during a specific period of time.
Inflation The general rise in prices throughout an economy.
Stock Market A system and marketplace for buying and selling stocks.
Stock A partial ownership of a company or business.
Contract A legally binding agreement between two or more people or businesses.
Business Law Refers to the laws, regulations and legal principles that govern the formation, operation and closure of businesses.
Recall An order to remove or repair unsafe products in the market.
Business Ethics These are principles that help define appropriate behavior in a business setting.
Morals An individual's ideas of what is right and wrong.
Social Responsibility Behaving with sensitivity to social, environmental and economic issues.
Philanthropy Promoting the welfare of others.
Market Structure Refers to how a market is organized based on the number of businesses competing for sales in an industry.
Monopoly A market structure with one business that has complete control of a market's entire supply of goods and services.
Proprietorship A business that is owned and often operated by a single individual.
Created by: baileyjodavis
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