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Business Flashcards

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1
Q

Individuals or organizations that sell goods and services

A

Producers

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2
Q

Products that you can see and touch

A

Goods

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3
Q

Resources that include labor and creative ideas from entrepreneurs

A

Human

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4
Q

Resources used in the products of goods and services, examples include buildings, equipment, and land

A

Capital

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5
Q

Value of the next best alternative that was not chosen

A

Opportunity cost

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6
Q

Mismatch of unlimited needs and wants and limited resources

A

Basic economic problem

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7
Q

The price where supply and and demand are equal

A

Market price

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8
Q

Individuals and organizations that buy good and services

A

Consumers

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9
Q

Economy where the government make the economic decisions and owns all the resources

A

Command

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10
Q

Things that add comfort to your life

A

Wants

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11
Q

Resources that include raw material from nature

A

Natural

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12
Q

Things available to be used to produce goods and services. (Also known as factors of production)

A

Economic resources

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13
Q

Quantity of a good or service that businesses are willing to provide

A

Supply

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14
Q

A person with a creative idea to start a new business

A

Entrepreneur

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15
Q

Things necessary to survive

A

Needs

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16
Q

Activities provided that are consumed when purchased

A

Services

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17
Q

Businesses offering very similar products

A

Competition

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18
Q

Economy where families produce most of what they need and trade for the rest

A

Traditional

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19
Q

Not enough resources to satisfy every need

A

Scarcity

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20
Q

Economy where businesses and individuals make their own decisions and own their own resources.

A

Market economy

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21
Q

Giving up something to get something else

A

Trade off

22
Q

Another name for U.S. System

A

Capitalism

23
Q

Economy that combines elements of a command economy and market economy

A

Mixed economy

24
Q

The quantity of a good or service that consumers are willing and able to buy

A

Demand

25
Q

Define: Basic Economic Problem

A

Mismatch of unlimited want/needs and limited resources

26
Q

Define: services

A

Activities provided that are consumed when they are purchased

27
Q

Define: market price

A

The point where supply and demand are equal

28
Q

Define: Economic system

A

The method a county uses to answer the three economic questions

29
Q

Each country must answer three economic questions. What are they?

A
  1. What goods/services will be produced?
  2. How will the goods and services be produced?
  3. What needs and wants will be satisfied with the goods and services produced?
30
Q

There are three basic types of economic systems. What are they and how do they work?

A

Command economy: all resources are owned and controlled by the government, government decides how goods will produced and distributed

Market: resources are owned by the people, businesses make their own economic decisions

Traditional economy: individuals/families produce what they need and sell and trade the rest

31
Q

Define: needs

A

Things that are necessary to survive such as food, water, shelter

32
Q

Define: goods

A

Products you can see and touch

33
Q

There are categories of economic resources, what are they?

A

Natural
Human
Capital

34
Q

Define: human resources

A

People who produce goods and services

  • labor resources
  • entrepreneurial resources
35
Q

Define: Economic decision making

A

Process of choosing which needs and wants will be satisfied

36
Q

Define: Capital resources

A

Products used in the production of goods and services. Example: you might use equipment, land, vehicles, etc in the production of a good/service

37
Q

Define: mixed economy

A

When a county’s economy can’t fit neatly into one economy type. Many countries are a combination of a market economy and command economy

38
Q

Define: Entrepreneur

A

A person who comes up with a creative business idea

39
Q

Define: Competitors

A

Businesses offering very similar products

40
Q

Wants:

A

Something you can survive without

41
Q

Define: opportunity cost

A

The value of the next best alternative you were not able to choose. The benefit you get from your choice should be greater than the opportunity cost.

Example: you are at the store and trying figure out what to spend $5 on. You are trying to decide whether to get 2 pops and two candies or wether you should get four pops. If you buy 2 pops/two candies your opportunity cost would be not getting 4 pops. If you got only pops, your opportunity cost would be not getting 2 pops and 2 candies

42
Q

Define: scarcity

A

Not enough resources to satisfy every need, affects everyone to different degrees

43
Q

Define :economic resources

A

Things available to be used to produce goods and services, also known as factor of production

44
Q

Define: capitalism

A

Another name for the U.S. Economic system

Individuals are free to: 
Own private property 
Have freedom of choice 
Make profit 
Competition
45
Q

Define: trade off

A

Giving up something to get something else

46
Q

Define-natural resources

A

Natural resources supplied by nature such as water, oil, minerals, trees, animals

47
Q

Define-factors of production

A

Things available to be used to produce goods and services, also known as economic resources

48
Q

Define: consumer

A

Buys goods and services. Could be individuals, businesses, or the government

49
Q

Define: demand

A

The amount of goods and services that consumers are willing to buy

50
Q

Define: Producer

A

Sells goods and services. Can be individuals, government, or businesses

General Science (33 decks)

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