Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business Essentials > Vocab Quiz 2 > Flashcards

Vocab Quiz 2 Flashcards

(51 cards)

Start Studying
1
Q

Brick and mortar

A

A business that operates out of a physical facility (instead of online)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Builders:

A

A type of producer that constructs roads, bridges, buildings, houses, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Consumers

A

People who use goods and services to satisfy their wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

E-tailers

A

Retailers who operate solely online

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Manufacturer

A

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Producers

A

The people who make or provide goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Raw-goods producer

A

A type of producer that provides goods in their natural state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Retailer

A

A business that buys consumer goods or services and sells them to the ultimate consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Service business

A

A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Social responsibility

A

The duty of business to contribute to the well-being of society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Trade industries

A

Businesses that buy and sell goods to others; retailers and wholesalers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Wholesalers

A

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Capital goods

A

Manufactured or constructed items that are used in the production of goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Consumer goods and services

A

Products produced for personal consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Consumption

A

The process or activity of using goods and services; The economic process or activity of using goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Demand

A

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Distribution

A

The economic process or activity by which income is divided among resource owners and producers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Economic goods

A

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Economic resources

A

The human and natural resources and capital goods used to produce goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Economic services

A

Productive acts that are useful, scarce, and transferable and which satisfy economic wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Economic want

Study These Flashcards
A

A desire for something that can only be satisfied by spending money

22
Q

Economics

Study These Flashcards
A

The study of how to meet unlimited, competing wants with limited resources

23
Q

Elastic demand

Study These Flashcards
A

A form of demand for products in which changes in price correspond to changes in demand

24
Q

Elasticity

Study These Flashcards
A

An indication of how changes in price will affect changes in the amounts demanded and supplied

25
Equilibrium
The point at which the quantity supplied is equal to the quantity demanded
26
Excess demand
The situation that exists when demand is greater than supply
27
Excess supply
The situation that exists when supply is greater than demandq
28
Exchange
The economic process of trading one good/service for another
29
Factors of production
Productive resources; human and natural resources and capital goods
30
Human resources
People who work to produce goods and services
31
Industrial goods and services
Products purchased by producers for resale, to make other goods and services, and/or to use in business operations
32
Inelastic demand
A form of demand in which changes in price do not affect demand
33
Law of demand
Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
34
Law of supply
Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
35
Law of supply and demand
Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
36
Natural resources
Items found in nature that are used to produce goods and services
37
Need
Something required or essential that is lacking
38
Noneconomic want
Desires for things that can be obtained without spending money
39
Opportunity cost
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another
40
Price
The amount of money paid for a good, service, or resource
41
Production
The economic process or activity of producing goods and services
42
Scarcity
A condition resulting from the gap between limited resources and unlimited wants for goods and services
43
Supply
The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
44
Trade-off
Giving up all or a part of one thing in order to get something else
45
Want
A desire for something that is not required
46
Command economy:
An economic system in which all or many of the means of production and distribution are owned and controlled by the government
47
Communism:
A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
48
Economic system:
The organized way in which a country handles its economic decisions and solves its economic problems
49
Market economy:
An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace
50
Socialism
A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well
51
Traditional economy:
An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition

Business Essentials (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions