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Orientation To Buisness > Chapters 1-3 > Flashcards

Chapters 1-3 Flashcards

0
Q

Services

A

Tasks that people or machines perform

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1
Q

Goods

A

Can be physically weighed or measured

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2
Q

Private wants

A

Things that only specific people want

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3
Q

Public wants

A

Widely shared wants

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4
Q

Needs

A

Necessary wants

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5
Q

Business

A

An activity that seeks profit by providing goods and services to others

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6
Q

Resource

A

Anything that people can use to make or obtain what they need or want

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7
Q

Profit

A

Amount o money left over after a business has paid for the cost of producing its goods and services

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8
Q

Competition

A

Contest between businesses to win customers

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9
Q

Consumer

A

A person who selects, purchases, uses, or disposes of goods or services

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10
Q

What three government types satisfy public wants?

A

Local, state, and federal

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11
Q

What must businesses provide to consumers in order to satisfy their wants and needs?

A

Goods and services

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12
Q

Scarcity

A

Shortage of resources

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13
Q

Natural resources

A

Raw materials found in nature

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14
Q

Nonrenewable resources

A

Limited natural resources

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15
Q

Factors of production

A

All the components necessary to produce a society’s goods and services

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16
Q

Human resources

A

Knowledge, effort, and skills people bring to their work

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17
Q

Entrepreneurial resources

A

Meet the changing wants and needs of people

18
Q

Capital resources

A

Things used to produce goods and services

19
Q

Supply

A

Amount of goods and services that producers will provide at various prices

20
Q

Demand

A

Amount or quantity of goods and services that consumers are willing to buy at various prices

21
Q

Equilibrium price

A

When the quantity demanded and the quantity supplied meet

22
Q

Market economy

A

Economic decisions are made in the marketplace according to the laws of supply and demand

23
Q

Mixed economy

A

Combination of market and command economies

24
Q

Command economy

A

Central authority makes the key economic decisions

25
Q

Economics

A

Studies show how society chooses to use resources to produce and distribute good and services for people’s consumption

26
Q

What are the means to produce goods and services called?

A

Factors of production

27
Q

Two examples of human resources

A

Teacher
Coal miners
Construction worker

28
Q

What does a society need to produce goods and services?

A

Capital resources

29
Q

Give two examples of public wants

A

Highways

Drinking water

30
Q

What is the economy of many countries based on?

A

Natural resources

31
Q

Inflation

A

A general increase in the cost of goods and services

32
Q

Business cycle

A

Rise and fall of economic activity over time

33
Q

Budget deficit

A

Government spends more on programs than it collects in taxes, difference in amount

34
Q

Unemployment rate

A

Measures the number of people who are able to work but don’t have a job

35
Q

Prosperity

A

Peak of economic activity

36
Q

Economic indicators

A

Figures used to to measure economic performance

37
Q

Gross domestic product (GDP)

A

Measures the total value of the goods and services produced in a country in a given year

38
Q

National debt

A

Total amount of money a government owes

39
Q

Budget surplus

A

When a government’s revenue exceeds its expenditures during a one year period

40
Q

What reduces the spending power I money?

A

Inflation

41
Q

What does gross domestic product measure?

A

Measures the value of goods and services produced in a country during a given year

42
Q

What does downsizing cause?

A

When new tech can replace workers or requires new skills thousands of workers can become laid off

43
Q

Draw the business cycle. Label phases. Describe in detail the phases.

A

Recession
Depression
Prosperity
Recovery

Orientation To Buisness (4 decks)

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