business management Flashcards
(23 cards)
he quantity of a good or service that consumers are willing and able to buy
demand
The economic principle that demand goes up when prices come down, and comes down when prices go up
law of demand
The quantity of a good or service that producers caen provide, determined by the costs of producing it and by the price people are willing to pay for it
supply
The economic principle that supply goes up when prices go up, and comes down when prices come down.
Law of Supply
THe value of a product or service expressed in dollars or cents.
Price
The means through which goods and services are made available to consumers; natural resources, human resources; and capital resources are considered to be three kinds of economic resources. Also known as factors of production.
economic resources
The way business and government work together to provide goods and services to consumers.
economic systems
Those raw materials that we get from the earth, the water, and the air.
natural resources
People who work to produce goods and services in a business, also known as workforce and labour.
human resources
A resource such as equipment, a building, or money, that is used to produce goods and services.
capital resources
Mutually dependant ; relying on others who also rely on you.
Interdependent-
what are three kinds of economic resources
- human resources
- natural resources
- capital resources
a person who takes risks and starts a venture to solve a problem or to take advantage of an oppurtunity
entrepreneur
an item necessary for survival such as food clothing or shelter
needs
an item not necessary for survival but that adds pleasure and comfort to life
wants
a five step procedure that assists in making the most appropriate choice among competing alternatives
decision making
The businesses that make goods or provide services
producers
a person who buys goods and services also referred to as a customer
consumer
any location where producers and consumers come together to engage in the buying and selling of goods and services
marketplace
a product or service that consumers no longer want
obsolete
pricing power
when businesses are In control can change prices when costs go up
consumer pricing power
When consumers have the power to choose where they will buy goods and services and how much they will pay for them
5 steps of decision making model
- define the decision to be made
- identify the alternatives
-evaluate the alternatives
-make a decision and take action - evaluate the decision
