Final Exam Flashcards by Issy Changsut

Q

demand

A

higher price lower demand

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Q

supply

A

higher price more i want to bring it into the marketplace

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Q

profit

A

money after expences

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Q

competition

A

win consumers

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Q

economics

A

the study of how individuals and groups

allocation of scarce resources

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Q

scarcity

A

when demand exceeds supply

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Q

media planning

A

how to get the message across

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Q

mixed economy

A

combines a market and command economy

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Q

infomercial

A

30 min. programs

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Q

economic indicators

A

unemployment, GDP, housing

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Q

social responsibility

A

what you do for the community

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Q

collateral

A

property held intrust until a loan is payed back

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Q

goods

A

tangible

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Q

services

A

intangible cannot be shared

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Q

business plan

A

how you will run your business

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Q

medium of exchange

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A

currency

Q

delegating

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A

part of marketing telling tasks to get done

Q

e-commerce

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A

businesses based conpletely off of the internet

Q

costumer

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A

someone who buys

Q

start-up

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A

new company

Q

monopoly

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A

one company has complete control over a trade

Q

management

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A

overseeing the business to make sure it runs efficietntly

Q

motivation

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A

getting peiple to do what you want

Q

types of economics

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A

Command
Market
Mixed

trade alliances

countries get together for tac breaks- NAFTA

Ad rates for newspaper

based on circulation

free trade

allows goods to move from on country to another w/o taxes

factors of production

land, labor, capital, entraprenaurship

functions of a business

provide goods/services and operate on a profit