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Business Administration > CHAPTER 1: SUPPLY & DEMAND VOCAB > Flashcards

CHAPTER 1: SUPPLY & DEMAND VOCAB Flashcards

(63 cards)

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1
Q

Aggregate Output

A

the total quantity of goods and services produced by an economic system during a given period

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2
Q

Balance of Trade

A

the economic value of all products a country exports minus the economic value of all products it imports

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3
Q

Business

A

an organization that provides goods or services to earn profits

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4
Q

Business Cycle

A

short-term pattern of economic expansions and contractions

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5
Q

Capital

A

funds needed to create and operate a business enterprise

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6
Q

Capitalism

A

a system that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive

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7
Q

Communism

A

a political system in which the government owns and operates all the factors of production

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8
Q

Competition

A

vying among businesses for the same resources or customers

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9
Q

Consumer Price Index (CPI)

A

a measure of the prices of typical products purchased by consumers living in urban areas

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10
Q

Demand

A

the willingness and ability of buyers to purchase a good or service

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11
Q

Demand and Supply Schedule

A

assessment of the relationships among different levels of demand and supply at different price levels

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12
Q

Demand Curve

A

graph showing how many units of a product will be demanded (bought) at different prices

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13
Q

Depression

A

a prolonged and deep recession

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14
Q

Domestic Business Environment

A

the environment in which a firm conducts its operations and derives its revenues

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15
Q

Economic Environment

A

relevant conditions that exist in the economic system in which a company operates

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16
Q

Economic Indicators

A

statistics that help assess the performance of an economy

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17
Q

Economic System

A

a nation’s system for allocating its resources among its citizens

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18
Q

Entrepreneur

A

businessperson or individual who accepts the risks and opportunities involved in creating and operating a new business venture

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19
Q

External Environment

A

everything outside an organization’s boundaries that might affect it

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20
Q

Factors of Production

A

resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

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21
Q

Fiscal Policies

A

policies used by an environment regarding how it collects and spends revenue

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22
Q

Global Business Environment

A

the international forces that affect a business

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23
Q

Gross Domestic Product (GDP)

A

the total value of all goods and services produced within a given period by a national economy through domestic factors of production

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24
Q

GDP per Capita

A

gross domestic product divided by total population

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25
Gross National Product (GNP)
total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
26
Inflation
occurs when a widespread price increases occur throughout an economic system
27
Information Resources
data and other information used by businesses
28
labor(human resources)
physical and mental capabilities of people as they contribute to economic production
29
Law of Demand
principle that buyers will purchase (demand) more of a product as its price drops and less as its price increases
30
Law of Supply
principle that producers will offer (supply) more of a product for sale as its price rises and less as its price drops
31
Market
mechanism for exchange between buyers and sellers of a particular good or service
32
Market Economy
economy in which all individuals control production and allocation decisions through supply and demand
33
Market Price (Equilibrium Price)
profit-maximizing price at which the quantity of goods and supplies are equal
34
Mixed Market Economy
economic system featuring characteristics of both planned and market economies
35
Monetary Policies
policies used by a government to control the size of its money supply
36
Monopolistic Competition
market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
37
Monopoly
market or industry in which there is only one producer that can therefore set the prices of its products
38
National Debt
the amount of money the government owes its creditors
39
Natural Monopoly
industry in which one company can most efficiently supply all needed goods or services
40
Nominal GDP
GDP measured in current dollars or with all components valued at current prices
41
Oligopoly
market or industry characterized by a handful of (generally large) sellers with all the power to influence the prices of their products
42
Perfect Competition
market or industry characterized by numerous small firms producing an identical product
43
Physical Resources
tangible items that organization use in the conduct of their businesses
44
Planned Economy
economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions
45
Political Legal Environment
the relationship between businesses and government
46
Private Enterprise
economic system that allows individuals to pursue their own interests without undue governmental restriction
47
Privatization
process of converting government enterprises into privately owned companies
48
Productivity
a measure of economic growth that compares how much a system produces with the resources needed to produce it
49
Profits
difference between a business's revenues and its expenses
50
Purchasing Power Parity
the principle that exchange rates are set so that the prices of similar products in different countries are about the same
51
Real GDP
GDP adjusted to account for changes in currency values and price changes
52
Recession
a period during which aggregate output, as measured by GDP declines
53
Shortage
situation in which quantity demanded exceeds quantity supplied
54
Socialism
planned economic system in which the government owns and operates only selected major sources of production
55
Sociocultural Environment
the customs, mores, values, and demographic characteristics of the society in which an organization functions
56
Stability
condition in which the amount of money available in an economic system and the quantity of goods and services produced in it are growing at about the same rate
57
Stabilization Policy
government economic policy intended to smooth out fluctuations in output and unemployment and to stabilize prices
58
Standard of Living
the total quantity and quality of goods and services people can purchase with the currency used in their economic system
59
Supply
the willingness and ability of producers to offer a good or service for sale
60
Supply Curve
graph showing how many units of a product will be supplied(offered for sale) at different prices
61
Surplus
Situation in which a quantity supplied exceeds quantity demanded
62
Technological Environment
all the ways by which firms create value for their constituents
63
Unemployment
the level of joblessness among people actively seeking work in an economic system

Business Administration (2 decks)

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