Business Essentials - Economics Unit
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Things provided by Privately owned businesses | Private Goods & Services
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| Things provided by the Government | Public Goods & Services
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| Gifts of Nature | Natural Resources
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| The quantity and quality of human effort directed toward producing goods & services | Human Resources
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| Goods people produce and use to make other goods and services | Capital Goods
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| Unlimited Wants and Limited Resources | Scarcity
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| The satisfaction consumers receive from consumption | Utility
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| As more product is consumed the less satisfaction or utility the consumer has | Law of Diminishing Marginal Utility
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| The amount of something provided | Supply
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| The amount of something wanted | Demand
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| Prices set by the willingness and ability of people (supply=demand) | Market Price
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| Income - Expenses = | Profit
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| The best alternative that you give up when you make a decision | Opportunity cost
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| Decisions about what to produce, how to produce, and to whom goods and services will be allocated to generally repeats decisions made in earlier times or by previous generations | Traditional Economies
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| Individuals & businesses own productive resources made the decision what to produce, how to produce and to whom goods and services will be allocated to. (Market Prices) | Market Economy
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| An authority such as feudal lord, government agency or central planners decide what to produce, how to produce and to whom goods and services will be allocated | Command Economy
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| Output per worker | Productivty
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| Specialization of tasks within a production process so that each worker can become a specialist in doing 1 thing | Division and Specialization of Labor
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| Acquire a new piece of capital equipment to assist in production | Investment in Capital goods
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| Practice time for specialists | Investment in Human Resources
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| More units of variable resources (labor) are added to a fixed resource, eventually additional output declines | Law of Diminishing Marginal Returns
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| Average cost per unit falls as the quantity produced is increased | Economies of Scale
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| The total market value of the final goods & services produced within the borders of a country during a specific year, adjusted for price changes | Nominal Gross Domestic Product (GDP)
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| The percentage of the labor force that does not have a paying job | Unemployment Rate
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| Individuals 16 or older who have a job or who have actively looked for a job during the past 30 years | Labor Force
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| A period when GDP drops for 6 or more consecutive months | Recession
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| A measure of the average price level in the economy | Consumer Price Index (CPI)
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| An increase in the overall price level | Inflation
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| A series of rises and falls in the overall level of economic activity measured by real GDP | Business Cycle
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| Occurs when there is a sustained increase in real GDP (Output continues to increase over time) | Economic Growth
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| The value of exports plus imports | Foreign Trade
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| Goods made within the country to be sold or transformed to another country | Exports
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| Goods made within another country to be sold or transferred to the U.S. | Imports
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