Chapter 1 Flashcards
Artificial Intelligence
Relates to machine learning that is able to perform activities and tasks that usually require human intelligence such as decisions, visual perception, and speech recognition.
Big data
Large volumes of structured and unstructured data that are transmitted at very fast speeds
Blockchain
A decentralized record-keeping technology that stores linked blocks of ordered transactions over time
Budget deficit
The condition in which a nation spends more than it takes in from taxes
Business
Individuals or organizations who try to earn a profit by providing products that satisfy people’s needs
Capitalism (free enterprise)
An economic system in which individuals own and operate their own businesses that provide goods and services
Communism
First described by Karl Marx as a society in which the people, without regard to class, own all the nation’s resources
Competition
The rivalry among businesses for consumer’s dollars
Demand
The number of goods and services that consumers are willing to buy at different prices at a specific time
Depression
A condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced
Drones
Unmanned aerial devices
Economic contraction
A slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers
Economic expansion
The situation that occurs when an economy is growing and people are spending more money
Economics
The study of how resources are distributed for the production of goods and services within a social system
Economic system
A description of how a particular society distributes its resources to produce goods and services
Entrepreneur
An individual who risks money, time, and effort to develop for profit an innovative product or way of doing something
Equilibrium Price
The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time
Financial resources (capital)
The funds used to acquire the natural and human resources needed to provide products
Free-market system
Pure capitalism, in which all economic decisions are made without government intervention
Gross Domestic product (GDP)
The sum of all goods and services produced by a country during a year
Human Resources (Labor)
The physical and mental abilities that people use to produce goods and services
Inflation
A condition characterized by a continuing rise in prices
Mixed economies
Economies made up of elements from more than one economic system
Monopolistic competition
The market structure that exists when there are fewer businesses than in a pure competition environment and the difference among the goods they sell are small
Monopoly
The market structure that exists when there is only one business providing a product in a given market
Natural resources
Land, forests, minerals, water, and other things that are not made by people
Nonprofit organizations
Organizations that may provide goods or services but do not have the fundamental purpose or earning profits
Oligopoly
The market structure that exists when there are very few businesses selling a product
Product
A good or service with tangible and intangible characteristics that provide satisfaction and benefits
Open economy
An economy in which economic activities occur between the country and the international community
Profit
The difference between what it costs to make and sell a product and what a customer pays for it
Pure competition
The market structure that exists when there are many small businesses selling one standardized product
Recession
A decline in production, employment, and income
Socialism
An economic system in which the government owns and operates basic industries, but individuals own and operate most businesses
Stakeholders
Groups that have a stake in the success and outcomes of a business
Standard of living
Refers to the level of wealth and material comfort that people have available to them
Supply
The number of products (goods and services) that businesses are willing to sell and different prices at a specific time
Technology
Includes the methods and processes creating applications to solve problems, perform tasks, and make decisions
Unemployment
The condition in which a percentage of the population wants to work but is unable to find jobs
