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PBF20 Unit 1 terms
PBF Unit 1 terms
| Question | Answer |
|---|---|
| Combines elements of the comand and market economies | Mixed economy |
| The initiative to combine natural, human and capital resources | Enterpreneurial Resources |
| Value of the next-best alternitive that is forgone to produce or obtain another product | Opportunity cost |
| Business 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 pruchase, use, and discard of things of value | Private Property |
| Activites that can be consumed 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 to satisfy needs and wants | Economics |
| necessities required for living | Needs |
| Buys and uses the goods and services | Consumer |
| Goods money used in the production of goods and services | Captial 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 which freedom to consume and produce goods and services | free enterprise |
| economic system in which decisions are based on customs and centered on family | Traditional economy |
| items purchased to satisfy needs and wants | Goods |
| Money left after selling goods and services and cost of operating a business have been paid | Profit |
| gods that are purchased to add comfort or pleasure to life | Wants |
| Anywhere goods and services exchanged hands | Marketplace |
| Process of giving up something for gaining something else | Trade off |
| Goods and services are owned and controlled the people | Market Economy |
| Opportunity to make chocies of goods and services and accept consequences of decision | Freedom of choice |
| Economics system in which the goverment owns resources and dictates what is produced | Command economy |
| the point where supply and demand are equal | Market Price |
| An estimate of how much an individual spends as a consumer compared to the total population spending on products and services. | GDP per capita |
| A measure of the efficiency of a person, machine, factory, system, and etc. | Productivity |
| bought part of company | stock |
| lend part of company | bond |
| The movement of 4 sections prosperity, recession, | Business cycle |
| Employment rate and demand for products and services are high | Prosperity |
| Unemployment rate is increasing and demand for products lowering | Recession |
| Unemployment rate is high and demand for products and services are lowering | Depression |
| Unemployment rate lowering and demand for product or services is increasing | Recovery |
| General increase in sales | Inflation |
| General decrease in sales | Deflation |
| Buying and selling goods in services in the within a country. | domestic businesses |
| (foreign trade or world trade) Buying and selling goods in services in and out of a country. | international businesses |
| When a country can produce a g/s at a lower cost to other countries. | absolute advantage. |
| Situation in which a country specializes in the production of g/s relatively more efficient. | comparative advantage. |
| Items from other country | importing |
| g/s sold to other countries | exporting |
| Is the amount of money a country owes to other countries. | foreign debt |
| The balance of trade is the difference between a countries total exports and total imports | balance of trade |
| If a country trades more than it imports | trade surplus. |
| )if a country imports more than it exports | trade deficit. |
| The difference between the amount of money that comes into a country and the amount that goes out of it. | balance of payments |
| If a country receives more money in a year than it pays out | favorable balance |
| If a country spends more money out than it brings in | unfavorable balance. |
| Were banks buy and sell different currency | foreign exchange market |
Created by:
NBPataky
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