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PBF399 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 obtain another product | Opportunity Cost |
| Businesses that offer the same goods to the same customers | Competitors |
| Individuals and organizations that determine which goods and services to sell | 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 things of value | Private Property |
| Activities that can be used at the time of purchase to satisfy needs and wants | Services |
| Condition that exists when wants or needs exceed resources available | Scarcity |
| Study of the decisions made for production, distribution, and consumption of goods and services | Economics |
| Required necessities | Needs |
| Buys and uses goods and services | Consumer |
| Goods and money used in the production of goods and services | Capital Resources |
| Raw materials supplied by nature | Natural Resources |
| People using efforts, knowledge, and skills at work to produce goods and services | Human Resources |
| Economic system in which freedom to consume and produce goods and services exists | Free Enterprise |
| Economic system is based upon customs and centered around family | Traditional Economy |
| Items purchased to satisfy needs and wants | Goods |
| Money left after selling goods and services and taking off the costs of operating a business | Profit |
| Goods that are purchased to to add comfort or pleasure. | Wants |
| Anywhere goods or services exchange hands | Marketplace |
| Process of giving up something for gaining something else | Tradeoff |
| Goods and sevices 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 resources and dictates what is produced | Command Economy |
| The point where supply and demand are equal | Market Price |
| An approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country. | GDP Per Capita |
| The amount of output per unit of input (labor, equipment, and capital). | Productivity |
| An individual's total earnings from wages, passive enterprises, and investment interest and dividends. | Personal Income |
| A monthly report that measures consumer demand by tracking total non-service receipts from retail businesses. | Retail Sales |
| A project initiated by a business that requires the investment of a large amount of capital. | Capital Projects |
| An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. | Stock |
| A period during which business activity drops significantly. High unemployment rates and deflation often accompany a depression | Depression |
| A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. | Bond |
| A decline in general price levels, often caused by a reduction in the supply of money or credit. | Deflation |
| A predictable long-term pattern of alternating periods of economic growth (recovery) and decline (recession). | Business Cycle |
| A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters | Recession |
| A period in a business cycle following a recession, during which the GDP rises. | Recovery |
| The overall general upward price movement of goods and services in an economy (often caused by an increase in the supply of money). | Inflation |
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