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BUS 100 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Mixed Market Economy

A

An economic system with elements of both a command economy and a market economy.

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2
Q

Competition act

A

Prohibits a variety of business practices that lessen competition.

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3
Q

Input market

A

Firms buy resources that they need in the production of goods and services.

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4
Q

Economic system

A

The way In which a nation allocates its resources among its citizens.

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5
Q

Perfect competition

A

A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price.

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6
Q

Not-for-profit organization

A

An organization that provides goods and services to customers, but does not seek to make a profit while doing so.

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7
Q

Market

A

An exchange process between buyers and sellers of a particular good or service

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8
Q

Supply curve

A

Graph showing how many units of a product will be supplied at different prices.

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9
Q

Demand and supply schedule

A

Assessment of the relationship between different levels of supply and demand at different price levels.

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10
Q

Privatization

A

The transfer of activities from the government to the private sector.

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11
Q

Factors of production

A

The resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources.

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12
Q

Private enterprise

A

An economic system characterized by private property rights, freedom of choice, profits, and competition.

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13
Q

Command economy

A

An economic system in which government controls all or most factors of production and makes all or most production decisions

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14
Q

Output market

A

Firms supply goods and services in response to demand on the part of consumers

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15
Q

Supply

A

The willingness and ability of producers to offer a good or service for sale.

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16
Q

Oligopoly

A

A market or industry characterized by a small number of very large firms that have the power to influence the price of their product and/or resources.

17
Q

Monopolistic competition

A

A market or industry characterized by a large number of firms supplying products that are similar but distinctive enough from one another to give some ability to influence price.

18
Q

Deregulation

A

A reduction in the number of laws affecting business activity.

19
Q

Surplus

A

Situation in which quantity supplied exceeds quantity demanded.

20
Q

Market price (equilibrium price)

A

Profit-maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal.

21
Q

Trade association

A

An organization dedicated to promoting the interests and assisting the members of a particular industry

22
Q

Demand curve

A

Graph showing how many units of a product will be demanded at different prices.

23
Q

Market economy

A

An economic system in which individuals control all or most factors of production and make all or most production decisions.

24
Q

Law of supply

A

The principal that producers will supply more of a product as price rises.

25
Q

Capitalism

A

An economic system in which markets decide what, when, and for whom to produce.

26
Q

Communism

A

A type of command economy in which the government owns and operates all industries.

27
Q

Demand

A

The willingness and ability of buyers to purchase a product or service.

28
Q

Law of demand

A

The principal that buyers will demand more of a product as price drops

29
Q

Business

A

An organization that seeks to earn profits by providing goods and services.

30
Q

Profit

A

Expenses - revenue

31
Q

Lobbyist

A

A person hired by a company or an industry to represent its interests with government officials.

32
Q

Monopoly

A

A market or industry with only one producer, who can set the price of its product and/or resources.

33
Q

Socialism

A

The government owns and operates only select major industries.

34
Q

Revenue taxes

A

Taxes that are levied by governments primary to provide revenue to fund various services and programs

35
Q

Progressive revenue taxes

A

Taxes that are levied at a higher rate on higher-income taxpayers and at a lower rate on lower income tax payers.

36
Q

Regressive revenue taxes

A

Taxes that are levied at the same rate regardless of a persons Income.

37
Q

Restrictive taxes

A

Taxes that are levied to control the product in question.

38
Q

Karl Marx

A

Communism

BUS 100 (2 decks)

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