Economic Resources Flashcards
Economic resources
Items that can be used to produce goods and services
Factors of production
Factors of production are the inputs used to produce goods and services. They include land, labor, entrepreneurship, and capital.
Natural resource
Any resource that is found in nature and used to produce goods and services
Human Resources
People who work, labor
Ex. Entrepreneurs, market researchers, managers
Capital good
Any manufactured or constructed item that is used to produce goods and services
Financial capital
Any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products
Nonrenewable resources
There is no way to make more of them, scarce, running out
Alternative resources
Other resources can serve the same purpose as a more limited resources
Flextime
Allows workers to start and end the work day at their convenience
Shared time
Two people share the responsibility for once full time position
Slack resources
Resources above and beyond what are needed to operate an organization
Direct competition
Occurs between or among businesses that offer similar types of goods or services
Indirect competition
Competition between businesses that don’t offer similar goods or services
Price competition
Type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
Price matching
A business meeting its competitors prices
Rebates
Return part of the purchase price a customer pays for a good or service
Nonprice competition
When businesses compete on a basis other than prove to attract scarce customer dollars
Perfect/Pure competition
Businesses selling identical products
Monopolistic competition
Businesses selling similar products with few differences
Oligopoly
Few businesses that sell all of the products
Monopoly
The market is controlled by one business, competition doesn’t exist
Regulated monopolies
Government regulates it to make sure it doesn’t grow out of control
