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Business Flashcards

(50 cards)

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1
Q

Individuals or organizations that sell goods and services

A

Producers

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2
Q

Products that you can see and touch

A

Goods

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3
Q

Resources that include labor and creative ideas from entrepreneurs

A

Human

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4
Q

Resources used in the products of goods and services, examples include buildings, equipment, and land

A

Capital

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5
Q

Value of the next best alternative that was not chosen

A

Opportunity cost

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6
Q

Mismatch of unlimited needs and wants and limited resources

A

Basic economic problem

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7
Q

The price where supply and and demand are equal

A

Market price

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8
Q

Individuals and organizations that buy good and services

A

Consumers

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9
Q

Economy where the government make the economic decisions and owns all the resources

A

Command

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10
Q

Things that add comfort to your life

A

Wants

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11
Q

Resources that include raw material from nature

A

Natural

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12
Q

Things available to be used to produce goods and services. (Also known as factors of production)

A

Economic resources

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13
Q

Quantity of a good or service that businesses are willing to provide

A

Supply

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14
Q

A person with a creative idea to start a new business

A

Entrepreneur

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15
Q

Things necessary to survive

A

Needs

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16
Q

Activities provided that are consumed when purchased

A

Services

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17
Q

Businesses offering very similar products

A

Competition

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18
Q

Economy where families produce most of what they need and trade for the rest

A

Traditional

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19
Q

Not enough resources to satisfy every need

A

Scarcity

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20
Q

Economy where businesses and individuals make their own decisions and own their own resources.

A

Market economy

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21
Q

Giving up something to get something else

22
Q

Another name for U.S. System

23
Q

Economy that combines elements of a command economy and market economy

Study These Flashcards
A

Mixed economy

24
Q

The quantity of a good or service that consumers are willing and able to buy

25
Define: Basic Economic Problem
Mismatch of unlimited want/needs and limited resources
26
Define: services
Activities provided that are consumed when they are purchased
27
Define: market price
The point where supply and demand are equal
28
Define: Economic system
The method a county uses to answer the three economic questions
29
Each country must answer three economic questions. What are they?
1. What goods/services will be produced? 2. How will the goods and services be produced? 3. What needs and wants will be satisfied with the goods and services produced?
30
There are three basic types of economic systems. What are they and how do they work?
Command economy: all resources are owned and controlled by the government, government decides how goods will produced and distributed Market: resources are owned by the people, businesses make their own economic decisions Traditional economy: individuals/families produce what they need and sell and trade the rest
31
Define: needs
Things that are necessary to survive such as food, water, shelter
32
Define: goods
Products you can see and touch
33
There are categories of economic resources, what are they?
Natural Human Capital
34
Define: human resources
People who produce goods and services - labor resources - entrepreneurial resources
35
Define: Economic decision making
Process of choosing which needs and wants will be satisfied
36
Define: Capital resources
Products used in the production of goods and services. Example: you might use equipment, land, vehicles, etc in the production of a good/service
37
Define: mixed economy
When a county's economy can't fit neatly into one economy type. Many countries are a combination of a market economy and command economy
38
Define: Entrepreneur
A person who comes up with a creative business idea
39
Define: Competitors
Businesses offering very similar products
40
Wants:
Something you can survive without
41
Define: opportunity cost
The value of the next best alternative you were not able to choose. The benefit you get from your choice should be greater than the opportunity cost. Example: you are at the store and trying figure out what to spend $5 on. You are trying to decide whether to get 2 pops and two candies or wether you should get four pops. If you buy 2 pops/two candies your opportunity cost would be not getting 4 pops. If you got only pops, your opportunity cost would be not getting 2 pops and 2 candies
42
Define: scarcity
Not enough resources to satisfy every need, affects everyone to different degrees
43
Define :economic resources
Things available to be used to produce goods and services, also known as factor of production
44
Define: capitalism
Another name for the U.S. Economic system ``` Individuals are free to: Own private property Have freedom of choice Make profit Competition ```
45
Define: trade off
Giving up something to get something else
46
Define-natural resources
Natural resources supplied by nature such as water, oil, minerals, trees, animals
47
Define-factors of production
Things available to be used to produce goods and services, also known as economic resources
48
Define: consumer
Buys goods and services. Could be individuals, businesses, or the government
49
Define: demand
The amount of goods and services that consumers are willing to buy
50
Define: Producer
Sells goods and services. Can be individuals, government, or businesses

General Science (33 decks)

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