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Flashcards in 3rd Six Weeks Deck (35)
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1

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.

Economic Growth

2

A quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time. Often expressed as a percentage, it indicates a decrease in the purchasing power of a nation's currency.

Inflation

3

The share of the labor force that is jobless, expressed as a percentage.

Unemployment Rate

4

This measure records nation's transactions with the rest of the world – specifically its net trade in goods and services, its net earnings on cross-border investments, and its net transfer payments – over a defined period of time, such as a year or a quarter.

Current account

5

This means that the general price level in an economy does not change much over time. In other words, prices neither go up or down; there is no significant degree of inflation or deflation.

Price Stability

6

Voluntary private household consumption, or the exchange of money for goods and services in an economy.

Consumer Spending

7

The total value of all goods and services produced.

Gross Domestic Product

8

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

Capitalism

9

The monetary reward business owners receive in return for taking the risk involved in starting a business.

Profit Motive

10

The split between the capitalist class, which own the business, and the working class.

Two-Class System

11

The rivalry between companies selling similar products and services.

Competition

12

Where marketers develop different price strategies to beat the competition.

Price Competition

13

Where marketers try to promote the product by exhibiting its distinguishing features.

Non-Price Competition

14

A financial institution that accepts deposits and provides security and convenience to their customers.

Commercial Banks

15

A financial intermediary that performs a variety of services for businesses and some governments.

Investment Banks

16

A company that exists to pool risk by collecting premiums from a large group of people who want to protect themselves and/or their loved ones against a particular loss, such as a fire, car accident, illness, lawsuit, disability or death.

Insurance Companies

17

An intermediary between buyers and sellers to facilitate securities transactions.

Brokerages

18

A corporation or a trust through which individuals invest in diversified, professionally managed portfolios of securities by pooling their funds with those of other investors.

Investment Companies

19

A legally binding contract documenting the terms of a loan agreement, outlining all of the terms associated with the loan.

Credit Agreement

20

Business risks such as fires and other unforeseen events that can force vulnerable businesses to relocate or close.

Business Interruption

21

Risk of damage to or the destruction of property, caused either by a person who is not its owner or by natural phenomena.

Business Risk: Property Loss

22

Risk of having to provide medical treatment costs and lost productivity, inflating business insurance premiums.

Business Risk: Injury

23

Companies being at risk of lawsuits for accidental injury, libel or slander and other unanticipated results of day-to-day business.

Business Risk: Liability

24

A business being instantly crippled by a loss of data or data theft.

Business Risk: Security Breach

25

The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

Risk Management

26

Coverage that protects businesses from losses due to events that may occur during the normal course of business.

Business Insurance

27

The maintenance of a desired level of quality in a service or product, especially by means of attention to every stage of the process of delivery or production.

Quality Assurance Program

28

Someone who creates and supplies goods or services.

Producer

29

A merchant middleman who sells chiefly to retailers, other merchants, or industrial, institutional, and commercial users mainly for resale or business use.

Wholesaler

30

A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business.

Retailer