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Business management Vocabulary 1
first vocab quiz
6
Business
11th Grade
09/18/2012
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Term
Supply&Demand
 Definition
supply and demand must be kept at a balance, so that there is not more supply than demand, and if there is less supply than demand, then prices can be raised
Term
Effectiveness
 Definition
Making the right decision
Term
efficiency
 Definition
produces needed goods or sevrices quickly at a low cost
Term
productivity
 Definition
largest quantity in least amount of time using effective methods and equipment
Term
Labor force
 Definition
Everyone
Term
Labor participation rate
 Definition
amount of people either in a job or actively looking for one
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