Business Essentials Flashcards
Business
There are two main divisions of _______industry
TRADE
A business that buys consumer goods or services and sells them to the ultimate consumer
RETAIL
Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers.
Whole Sale
Wants are?
UNLIMITED
Economic wants?
Cost Money
Noneconomic Wants?
DO NOT COST MONEY
-The duty of business to contribute to the well-being of society
-Business should be socially responsible to their users,community,employees, and themselves.
Social Responsiblilty
Things people buy to satisfy their economics wants are
Goods and Services
Characteristics include:Tangible,useful,scarce transferable
Economic goods
Characteristics include:In Tangible(not physical objects) useful,scarce and transferable
EX.Hotels,Salons,Landscaping
Economic Services and Service Businesses
Economic resources are_______
Limited
Items that are used to produce goods and services
Economic Resources
Land,Oil,Bodies of water
Natural Resources
Employees that help produce goods and services
Human resources
Any manufactured or constructed item used to produce goods and services.
Capital Good
Economic principle which states that quanity of a good or service that will be offered for sale varies in direct relation to its price.
Law of Supply
When price goes up,quanity goes up
Law of Supply
Economic principle which states that the quainity of a good or service that people will buy varies inversely with the price of the good or service
Law of Demand
When price goes up,quanity goes down
Law of Demand
When Supply and demand work together the main goal is a _____
equilibrium
-Best time for consumers to buy
-Low price and demand
Buyers Market
The best time for producers to sell
high demand,high prices and low supply
Sellers Market
-Price raise consumers ain’t gonna buy
-Ex, Luxury items,Clothes
Elastic
-Price do not affect demand
-Electricity,Prescriptions,Gas
Inelastic
