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PBF318 Unit 1 Terms
PBF Unit 1 Terms
| Question | Answer |
|---|---|
| Combines elements of the command and market economies | Mixed economy |
| The initiative to combine natural, human and capital resources | Entrepreneurial resources |
| Value of the next-best alternative that is forgone to produce or obtaine another product | Opportunity cost |
| Businesses that offer the same goods to the same customers | Competitors |
| Individuals and organizations that determine which goods and services will be available for consumption | Producers |
| Process of choosing which needs or wants will be satisfied | Economic decision-making |
| Means from which goods and services are produced | Economic resources |
| Right to purchase, use, and discard of things of value | Private property |
| Activities that can be consumed at the time of purchase to satisfy needs and wants | Services |
| Condition that exits when wants or need exceed resources available | Scarcity |
| Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants | Economics |
| Necessities required for living | Needs |
| Buys and uses the goods and services | Consumer |
| Goods and money used in the production of goods and services | Capital recources |
| Raw materials supplied by nature | Natural recourses |
| People using efforts, knowledge, and skills at work to produce goods and services | Human recourses |
| Economic system which freedom to consume and produce goods and services exists | Free enterprise |
| Economic system in whicch decisions are based on customers and centered on family | Traditional economy |
| Items purchased to satisfy needs and wants | Goods |
| Money left after selling goods and services and costs of operating a business have been paid | Profit |
| Goods that are purchased to add comfort or pleasure to life | Wants |
| Anywhere goods and services exchange hands | Marketplace |
| Process of giving up something for gaining something else | Tradeoff |
| Goods and services are owned and controlled by the people | Market economy |
| Opportunity to make choices of goods and services and accept consequences of decisions | Freedom of choice |
| Economics system in which the government owns recourses and dictates what is produced | Command economy |
| The point where supply and demand are equal | Market price |
| GDP indicates the health and growth of an economy | Gross Domestic Products |
| Gross domestic product (GDP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output. GDP per capita is gross domestic product divided by mid-year population (per person) | GDP Per Capita |
| The effectiveness of productive effort, esp. in industry, as measured in terms of the rate of output per unit of input | Productivity |
| In economics, personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. | Personal income |
| Retail consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. | Retail sales |
| Capital projects are construction projects including public buildings, roads, street improvements, lighting, parks, and their improvement or rehabilitation paid for under the community’s capital budget. | Capital Projects |
| The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution | Stock |
| A written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition. All documented contracts and loan agreements are bonds. | Bonds |
| A movement from on condition to the other and back again where there are recurring ups and downs of GDP | Business Cycle |
| Prosperity is a period in which most people who want to work are working, business produce goods and services in record numbers, wages are good, and the rate of GDP growth increases. (Business peak). | Prosperity |
| Recession is a period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year. | Recession |
| Unemployment rate is high and demand for products and services lowering. | Depression |
| Unemployment rate is lowering and demand for products and services is increasing | Recovery |
| An increase in the general level of prices | Inflation |
| A decrease in the general level of prices | Deflation |
| Making, buying and selling goods and services within the country | Domestic Business |
| Refers to bueiness activites needed for creating, making and selling goods and services across the US boarders | International Business |
| When a country can produce a good or service at a lower cost than other countries | Absolute advantages |
| - A situation in which a country specializes in the production of goods and services relatively more efficient | Comparative advantage |
| items brought in from other countires | imports |
| Goods and services that are sold to other countries | Exports |
| Is the amount of money one country owes to another country | Foreign debt |
| The difference between a countries total exports and total imports | Balance of trade |
| The difference between the money coming in and going out of a country | Balance of payments |
| A country exports more than it imports | Trade surplus |
| A country imports more than it exports | Trade deficit |
| Where banks buy and sell different currency’s | Foreign exchange market |
| The value of currency in one country when compared with a value in another | Exchange rate |
| Restrictions to free trade (Embargo, Quotas and Tariffs) | Trade Barriers |
| When a government bans the import or export of specified goods | Embargoes |
| A limit on the quantity of goods and services that may be imported or exported within a given period to regulate international trade | Quotas |
| Taxes on certain imported products which increases prices | Tariffs |
| When countries that are members freely invest in one another | Common markets |
| When countries that are members removed duties and trade barriers on products traded among them to increase trade between members | Free-trade agreements |
| Includes selected areas that allow duty free products to be imported and then stored, assembled and/or used in manufacturing | Free-trade zones |
| Allowing a business the rights to use another companies name or process in a specific prescribed manner | Franchising |
| Selling the right to a company to use some intangible property for a fee or royalty | Licensing |
| When two or more companies agree to share a business project. | Joint Venture |
| Helps promote economic cooperation and maintain an orderly system of world change and exchange rate | International Monetary Fund |
| Provides economic aid to developing countries to fund building communication systems, transportation and energy systems | World Bank |
| They settle trade disputes and enforces free trade agreements among its members | World Trade Organization |
Created by:
natasha_muir
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