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SEVI 2053 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is Free Enterprise?

A

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

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1
Q

What is Cultural (or workplace) Diversity?

A

differences among people in a workforce owing to race, ethnicity, and gender

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2
Q

What is a Business?

A

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs

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3
Q

What is E-Business?

A

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 Internet

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4
Q

What is a Profit?

A

what remains after all business expenses have been deducted from sales revenue

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5
Q

What are Stakeholders?

A

all the different people or groups of people who are affected by an organization’s policies, decisions, and activities

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6
Q

What is Economics?

A

the study of how wealth is created and distributed

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7
Q

What is Microeconomics?

A

the study of the decisions made by individuals and businesses

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8
Q

What is Macroeconomics?

A

the study of the national economy and the global economy

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9
Q

What is an Economy?

A

the way in which people deal with creation and distribution of wealth

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10
Q

What are Factors of Production?

A

resources used to produce goods and services

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11
Q

What is an Entrepreneur?

A

a person who risks time, effort, and money to start and operate a business

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12
Q

What is Capitalism?

A

an economic system in which individuals own and operate the majority of businesses that provide goods and services

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13
Q

What is the Invisible Hand?

A

a term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy

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14
Q

What is a Market Economy?

A

an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices

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15
Q

What is a Mixed Economy?

A

an economy that exhibits elements of both capitalism and socialism

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16
Q

What are Consumer Products?

A

goods and services purchased by individuals for personal consumption

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17
Q

What is a Command Economy?

A

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

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18
Q

What is Productivity?

A

the average level of output per worker per hour

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19
Q

What is the Gross Domestic Product (GDP)?

A

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 period

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20
Q

What is Inflation?

A

a general rise in the level of prices

21
Q

What is Deflation?

A

a general decrease in the level of prices

22
Q

What is the Unemployment Rate?

A

the percentage of a nation’s labor force unemployed at any time

23
Q

What is the Consumer Price Index (CPI)?

A

a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

24
Q

What is the Producer Price Index (PPI)?

A

an index that measures prices that producers receive for their finished goods

25
Q

What is a Business Cycle?

A

the recurrence of periods of growth and recession in a nation’s economic activity

26
Q

What is a Recession?

A

two or more consecutive three-month periods of decline in a country’s GDP

27
Q

What is a Depression?

A

a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession

28
Q

What are Monetary Policies?

A

Federal Reserve’s decisions that determine the
size of the supply of money in the nation and the
level of interest rates

29
Q

What is a Fiscal Policy?

A

government influence on the amount of savings and expenditures; accomplished by altering the
tax structure and by changing the levels of government spending

30
Q

What is a Federal Deficit?

A

a shortfall created when the federal government spends more in a fiscal year than it receives

31
Q

National Debt

A

the total of all federal deficits

32
Q

Competition

A

rivalry among businesses for sales to potential customers

33
Q

Perfect (or pure) Competition

A

the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product

34
Q

Supply

A

an item that facilitates production and
operations but does not become part of a
finished product

35
Q

Demand

A

the quantity of a product that buyers are willing
to purchase at each of various prices

36
Q

Market Price

A

the price at which the quantity demanded is
exactly equal to the quantity supplied

37
Q

Monopolistic Competition

A

a market situation in which there are many
buyers along with a relatively large number of
sellers who differentiate their products from the products of competitors

38
Q

Product Differentiation

A

the process of developing and promoting
differences between one’s products and all
competitive products

39
Q

Oligopoly

A

a market (or industry) in which there are few sellers

40
Q

Monopoly

A

a market (or industry) with only one seller, and
there are barriers to keep other firms from
entering the industry

41
Q

Standard of Living

A

a loose, subjective measure of how well off an
individual or a society is, mainly in terms of want
satisfaction through goods and services

42
Q

Domestic System

A

a method of manufacturing in which an
entrepreneur distributes raw materials to various
homes, where families process them into
finished goods to be offered for sale by the
merchant entrepreneur

43
Q

Factory System

A

a system of manufacturing in which all the
materials, machinery, and workers required to
manufacture a product are assembled in one
place

44
Q

Specialization

A

the separation of a manufacturing process into
distinct tasks and the assignment of the different
tasks to different individuals

45
Q

Service Economy

A

an economy in which more effort is devoted to
the production of services than to the production
of goods

46
Q

Social Media

A

the online interaction that allows people and
businesses to communicate and share ideas,
personal information, and information about
products or services

47
Q

Sustainability

A

the ability to maintain or improve standards of
living without damaging or depleting natural
resources for present and future generations

48
Q

What Are The Types of Factors of Production?

A

Land & Natural Resources
Labor
Capital
Entrepreneurship

49
Q
A

SEVI 2053 (1 decks)

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