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Business and Econ

Business 2nd ed.

What are organizations or individuals who try to earn a profit by providing products that satisfy people's needs? Business
What is a good or service with tangible and intangable characteristics that provide satisfaction? Product
Which is tangible? A good or service? Good
Which is intangible? A good or service? Service
What is the difference between what it costs to make and sell a product and what a customer pays for it? Profit
What are organizations that may provide good or services but do not have the fundamental purpose of earning profits? Non-Profit Organization
What are groups taht have a stake in the success and outcomes of a business? Stakeholders
What are the three major activities of business? Financial/accounting, marketing, managment
What are the three types of resources that we will be discussing? Employees, Financial, and natural resources
Pure capital has no gov't intervention
# to sell supply
# willing to buy demand
higher supply causes lower prices
What is economics? the study of how resources are distributed for the production of goods and services within a social system.
What are some natural resources? Air, water, oil, land, minerals, and forest. All of these things are not made by people.
What is human resources/labor? The physical and mental abilities that people use to produce goods and services
What is financial resources/capital? The fnds used to acquire the natural and hman resources needed to provide products.
What is an economic system? How a particular society distributes its resources to produce goods and services.
What is communism? A society of people without regards to class and own all the nation's resources. (Karl Marx)
What is socialism? An economic system in which the government owns and operates basic industries-- postal service, utilities, etc.
What is capitalism/free enterprise? An economic system in which individuals own and operate the majority of businesses that provide goods and services.
What is the free-market system/pure capitalism? All Economic dicisions are made without government intervention.
What are mixed economies? Elements from more than one economic system, which most nations operate on.
What is the equilibrium
Created by: softballgurlie



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