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SEVI 2053 > Chapter 1 > Flashcards

Chapter 1 Flashcards

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1
Q

What is Free Enterprise?

A

the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it

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1
Q

What is Cultural (or workplace) Diversity?

A

differences among people in a workforce owing to race, ethnicity, and gender

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2
Q

What is a Business?

A

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs

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3
Q

What is E-Business?

A

the organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society’s needs through the facilities available on the Internet

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4
Q

What is a Profit?

A

what remains after all business expenses have been deducted from sales revenue

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5
Q

What are Stakeholders?

A

all the different people or groups of people who are affected by an organization’s policies, decisions, and activities

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6
Q

What is Economics?

A

the study of how wealth is created and distributed

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7
Q

What is Microeconomics?

A

the study of the decisions made by individuals and businesses

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8
Q

What is Macroeconomics?

A

the study of the national economy and the global economy

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9
Q

What is an Economy?

A

the way in which people deal with creation and distribution of wealth

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10
Q

What are Factors of Production?

A

resources used to produce goods and services

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11
Q

What is an Entrepreneur?

A

a person who risks time, effort, and money to start and operate a business

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12
Q

What is Capitalism?

A

an economic system in which individuals own and operate the majority of businesses that provide goods and services

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13
Q

What is the Invisible Hand?

A

a term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy

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14
Q

What is a Market Economy?

A

an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices

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15
Q

What is a Mixed Economy?

A

an economy that exhibits elements of both capitalism and socialism

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16
Q

What are Consumer Products?

A

goods and services purchased by individuals for personal consumption

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17
Q

What is a Command Economy?

A

an 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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18
Q

What is Productivity?

A

the average level of output per worker per hour

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19
Q

What is the Gross Domestic Product (GDP)?

A

the total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period— usually a one-year period

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20
Q

What is Inflation?

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A

a general rise in the level of prices

21
Q

What is Deflation?

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A

a general decrease in the level of prices

22
Q

What is the Unemployment Rate?

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A

the percentage of a nation’s labor force unemployed at any time

23
Q

What is the Consumer Price Index (CPI)?

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A

a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

24
What is the Producer Price Index (PPI)?
an index that measures prices that producers receive for their finished goods
25
What is a Business Cycle?
the recurrence of periods of growth and recession in a nation's economic activity
26
What is a Recession?
two or more consecutive three-month periods of decline in a country's GDP
27
What is a Depression?
a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession
28
What are Monetary Policies?
Federal Reserve’s decisions that determine the size of the supply of money in the nation and the level of interest rates
29
What is a Fiscal Policy?
government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending
30
What is a Federal Deficit?
a shortfall created when the federal government spends more in a fiscal year than it receives
31
National Debt
the total of all federal deficits
32
Competition
rivalry among businesses for sales to potential customers
33
Perfect (or pure) Competition
the 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
34
Supply
an item that facilitates production and operations but does not become part of a finished product
35
Demand
the quantity of a product that buyers are willing to purchase at each of various prices
36
Market Price
the price at which the quantity demanded is exactly equal to the quantity supplied
37
Monopolistic Competition
a 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
38
Product Differentiation
the process of developing and promoting differences between one’s products and all competitive products
39
Oligopoly
a market (or industry) in which there are few sellers
40
Monopoly
a market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry
41
Standard of Living
a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services
42
Domestic System
a method of manufacturing in which an entrepreneur distributes raw materials to various homes, where families process them into finished goods to be offered for sale by the merchant entrepreneur
43
Factory System
a system of manufacturing in which all the materials, machinery, and workers required to manufacture a product are assembled in one place
44
Specialization
the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals
45
Service Economy
an economy in which more effort is devoted to the production of services than to the production of goods
46
Social Media
the online interaction that allows people and businesses to communicate and share ideas, personal information, and information about products or services
47
Sustainability
the ability to maintain or improve standards of living without damaging or depleting natural resources for present and future generations
48
What Are The Types of Factors of Production?
Land & Natural Resources Labor Capital Entrepreneurship
49

SEVI 2053 (1 decks)

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