Term
| Free to decide what/how to produce and what price. |
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Definition
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Term
| To respect and recognize differences among people. |
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Definition
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Term
| The organized effort of indivudals to produce and sell, for a profit, the good and services that satisfy society's needs. |
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Term
- Material resources
- Human resources
- Financial resources
- Informational resources
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Term
What remains after all business expenses have been deducted from sales revenue.
Sales revenue - Business expenses = profit. |
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Term
| The study of how welath is created and distributed. |
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Term
| The study of the decisions made by individuals and businesses. |
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Term
| The study of the national economy and the global economy |
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Term
Inputs and resources used to produce goods and services.
- Land and natural resources
- Labor
- Capital
- Entrepeneurship
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Term
| A person who risks time, effort and money to start and operate a business. |
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| An economic system in which business and individuals decide what to produce and buy, and the market determines prices and quantities sold. |
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Term
An economy that exhibits elements of both capitalism and socialism.
The US is one because it combines capitalism and socialism. |
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Term
| Economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production. |
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Term
| The average level of output per worker per hour. |
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Term
| Total dollar value of all goods and services produced by all the people within the boundaries of a country during specified time period - usually one year period. |
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Definition
| Gross Domestic Product GDP |
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Term
| It takes in consideration inflation and deflation. |
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Term
| General rise/decrease in level of prices. |
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Term
| The recurrence of periods of growth and recession in a nation's economy and activity. Fluctuation in the economy. |
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Term
| PEAK => RECESSION => TROUGH => RECOVERY |
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Term
| A shortfall created when the federal government spends more in a fiscal year than it receives. |
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Term
| The total of all federal deficit. US national debt : 36 trillion $ |
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Term
| Rivalry among businesses for sales to potential customers. |
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Definition
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Term
| Market situation in which there are many buyers and sellers of a product and no single buyer or seller is powerful enough to affect the price of that product. |
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Definition
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Term
| Market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors. |
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Term
| A market with only one seller and customers can only buy the product or service from that seller. |
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Term
| A market in which there are few sellers. |
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Term
If demand decreases, the prices are going to decrease too. |
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Definition
| Relation between Demand and Price |
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Term
| The price (of any product) at which the quantity demanded is exactly equal to the quantity supplied. |
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Term
| The process of developing and promoting differences between a company's products and all competitive products. |
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Term
| A loose, subjective measure of how well off an individual or a society is mainly in terms of want satisfaction through good and services. |
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Term
| System of manufacturing in which all the materials, machinery and workers required to manufacture aproduct are assembled in one place. By Samuel Slater. |
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Term
| The separation of a manufacturing process into distinct tasks and the assignment to different tasks to different individuals. |
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Definition
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Term
| Gov. involvment in Business |
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Definition
| 1st in the 1930's during the Great Depression when Franklin D.Roosevelt (FDR) was president. |
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Term
| All the different people or groups of people who are affected by an organization's policies, decisions and activities. |
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Term
| An owner of shares in a company. |
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