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Bus Ess - Econ
Business Essentials - Economics Unit
| Question | Answer |
|---|---|
| Things provided by Privately owned businesses | Private Goods & Services |
| Things provided by the Government | Public Goods & Services |
| Gifts of Nature | Natural Resources |
| The quantity and quality of human effort directed toward producing goods & services | Human Resources |
| Goods people produce and use to make other goods and services | Capital Goods |
| Unlimited Wants and Limited Resources | Scarcity |
| The satisfaction consumers receive from consumption | Utility |
| As more product is consumed the less satisfaction or utility the consumer has | Law of Diminishing Marginal Utility |
| The amount of something provided | Supply |
| The amount of something wanted | Demand |
| Prices set by the willingness and ability of people (supply=demand) | Market Price |
| Income - Expenses = | Profit |
| The best alternative that you give up when you make a decision | Opportunity cost |
| Decisions about what to produce, how to produce, and to whom goods and services will be allocated to generally repeats decisions made in earlier times or by previous generations | Traditional Economies |
| Individuals & businesses own productive resources made the decision what to produce, how to produce and to whom goods and services will be allocated to. (Market Prices) | Market Economy |
| An authority such as feudal lord, government agency or central planners decide what to produce, how to produce and to whom goods and services will be allocated | Command Economy |
| Output per worker | Productivty |
| Specialization of tasks within a production process so that each worker can become a specialist in doing 1 thing | Division and Specialization of Labor |
| Acquire a new piece of capital equipment to assist in production | Investment in Capital goods |
| Practice time for specialists | Investment in Human Resources |
| More units of variable resources (labor) are added to a fixed resource, eventually additional output declines | Law of Diminishing Marginal Returns |
| Average cost per unit falls as the quantity produced is increased | Economies of Scale |
| The total market value of the final goods & services produced within the borders of a country during a specific year, adjusted for price changes | Nominal Gross Domestic Product (GDP) |
| The percentage of the labor force that does not have a paying job | Unemployment Rate |
| Individuals 16 or older who have a job or who have actively looked for a job during the past 30 years | Labor Force |
| A period when GDP drops for 6 or more consecutive months | Recession |
| A measure of the average price level in the economy | Consumer Price Index (CPI) |
| An increase in the overall price level | Inflation |
| A series of rises and falls in the overall level of economic activity measured by real GDP | Business Cycle |
| Occurs when there is a sustained increase in real GDP (Output continues to increase over time) | Economic Growth |
| The value of exports plus imports | Foreign Trade |
| Goods made within the country to be sold or transformed to another country | Exports |
| Goods made within another country to be sold or transferred to the U.S. | Imports |
Created by:
mryan396
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