final Flashcards
(28 cards)
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
free enterprise
a system that recognizes and respects the differences among people because of their age, race, ethnicity, gender, sexual orientation, and ability
cultural (or workplace)
diversity
he organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs
business
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 intern
e-business
what remains after all business expenses have been deducted from sales revenue
profit
ll the different people or groups of people who are affected by an organization’s policies, decisions, and activities
stakeholders
the study of how wealth is created and distributed
economics
he study of the decisions made by individuals and businesses
microeconomics
the study of the national economy and the global economy
macroeconomics
the way in which people deal with the creation and distribution of wealth
economy
inputs and resources used to produce goods and services
factors of production
a person who risks time, effort, and money to start and operate a business
entrepreneur
n economic system in which individuals own and operate the majority of businesses that provide goods and services
capitalism
n economic system in which businesses and individuals decide what to produce and buy, and the market determines prices and quantities sold.
market economy
a term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy
invisible hand
an economy that exhibits elements of both capitalism and socialism
mixed economy
goods and services purchased by individuals for personal consumption
consumer products
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
command economy
the average level of output per worker per hour
productivity
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 perio
gross domestic product (GDP)
general rise in the level of prices
inflqwhio
a general decreas in teh level fo prices
deflation
the ability to
create and maintain conditions under which present and future generations can exist in productive harmony, and permit fulfilling
the social, economic, and other requirements of future and present generations
sustainability
he online interaction that allows people and businesses to communicate and share ideas, personal information, and information about products or services
social media
