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Business and Econ
Business 2nd ed.
| Question | Answer |
|---|---|
| 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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