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Bus Ess - Econ

Business Essentials - Economics Unit

QuestionAnswer
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