Exam 1 Flashcards

(12 cards)

1
Q

What is the meaning of Business?

A

any activity that seeks to provide goods and or services to others while operating at a profit

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2
Q

What is an entrepreneur?

A

a person who risks time and money to start and manage a business

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3
Q

What are the factors of production?

A

land, labor, capital, entrepreneurship, knowledge

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4
Q

What is the meaning of economics?

A

the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

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5
Q

what is capitalism?

A

all or most of the factors of production and distribution - such as land, factories, railroads, and stores - are owned by individuals

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6
Q

What is socialism?

A

an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people.

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7
Q

What is a recession?

A

2 consecutive quarters with downturn in our GDP/GNP

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8
Q

What is a depression?

A

a long term recession

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9
Q

What is a trade deficit?

A

when the value of a country’s exports is less than its imports

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10
Q

What is a sole proprietorship?

A

owned and managed by one person

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11
Q

What is a partnership?

A

Two or more people agree to be co owners

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12
Q

What is a corporation?

A

A legal entity with authority to act and have liability apart from its owners

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