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Business 101 > Economic Systems and Business > Flashcards

Economic Systems and Business Flashcards

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1
Q

Barriers to Entry

A

Factors, such as technological or legal conditions, that prevent new firms from competing
equally with an existing firm

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2
Q

Business

A

An organization that strives for profit by providing goods and services desired by its customers

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3
Q

Business Cycles

A

Upward and downward changes in the level of economic activity

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4
Q

Capital

A

Inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer

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5
Q

Capitalism

A

An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system

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6
Q

Circular Flow

A

Movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact

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7
Q

Communism

A

An economic system characterized by government ownership of virtually all resources, government control of all markets, and economic decision-making by central government planning

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8
Q

Consumer Price Index (CPI)

A

An index of prices of a “market basket” of goods and services purchased by typical urban consumers

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9
Q

Contractionary Policy

A

The use of monetary policy by the Fed to tighten the money supply by selling government securities or raising interest rates

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10
Q

Cost-Push Inflation

A

Inflation that occurs when increases in production costs push up the prices of final goods and services

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11
Q

Costs

A

Expenses incurred from creating and selling goods and services

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12
Q

Crowding Out

A

The situation that occurs when government spending replaces spending by the private sector

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13
Q

Cyclical Unemployment

A

Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy

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14
Q

Demand

A

The quantity of a good or service that people are willing to buy at various prices

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15
Q

Demand Curve

A

A graph showing the quantity of a good or service that people are willing to buy at various prices

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16
Q

Demand-Pull Inflation

A

Inflation that occurs when demand for goods and services is greater than the supply

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17
Q

Demography

A

The study of people’s vital statistics, such as their age, gender, race and ethnicity, and location

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18
Q

Economic Growth

A

An increase in a nation’s output of goods and services

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19
Q

Economic System

A

The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated

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20
Q

Economics

A

The study of how a society uses scarce resources to produce and distribute goods and services

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21
Q

Entrepreneurs

A

People who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal

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22
Q

Equilibrium

A

The point at which the quantity demanded equals quantity supplied

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23
Q

Expansionary Policy

A

The use of monetary policy by the Fed to increase, or loosen, the growth of the money supply

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24
Q

Factors of Production

A

The resources used to create goods and services

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25
Q

Federal Budget Deficit

A

The condition that occurs when the federal government spends more for programs than it collects in taxes

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26
Q

Federal Reserve System (the Fed)

A

The central banking system of the United States

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27
Q

Fiscal Policy

A

The government’s use of taxation and spending to affect the economy

28
Q

Frictional Unemployment

A

Short-term unemployment that is not related to the business cycle

29
Q

Full Employment

A

The condition when all people who want to work and can work have jobs

30
Q

Goods

A

Tangible items manufactured by businesses

31
Q

Gross Domestic Product (GDP)

A

The total market value of all final goods and services produced within a nation’s borders each year

32
Q

Inflation

A

The situation in which the average of all prices of goods and services is rising

33
Q

Knowledge

A

The combined talents and skills in the workforce

34
Q

Knowledge Workers

A

Workers who create, distribute, and apply knowledge

35
Q

Macroeconomics

A

The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products

36
Q

Market Structure

A

The number of suppliers in a market

37
Q

Microeconomics

A

The subarea of economics that focuses on individual parts of the economy, such as households or firms

38
Q

Mixed Economies

A

Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector

39
Q

Monetary Policy

A

A government’s programs for controlling the amount of money circulating in the economy and interest rates

40
Q

Monopolistic Competition

A

A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy

41
Q

National Debt

A

The accumulated total of all of the federal government’s annual budget deficits

42
Q

Not-For-Profit Organizations

A

An organization that exists to achieve some goal other than the usual business goal of profit

43
Q

Oligopoly

A

A market structure in which a few firms produce most or all of the output and in which large capital requirements or other factors limit

44
Q

Perfect (Pure) Competition

A

A market structure in which a large number of small firms sell similar products, buyers and sellers have good information, and businesses can be easily opened and closed

45
Q

Producer Price Index (PPI)

A

An index of the prices paid by producers and wholesalers for various commodities, such as raw materials, partially finished goods, and finished products

46
Q

Productivity

A

The amount of goods and services one worker can produce

47
Q

Profit

A

The money left over after all costs are paid

48
Q

Purchasing Power

A

The value of what money can buy

49
Q

Pure Monopoly

A

A market structure in which a single firm accounts for all industry sales of a particular good or service and in which there are barriers to entry

50
Q

Quality of Life

A

The general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

51
Q

Recession

A

A decline in GDP that lasts for at least two consecutive quarters

52
Q

Relationship Management

A

The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial partnerships

53
Q

Revenue

A

The money a company receives by providing services or selling goods to customers

54
Q

Risk

A

The potential to lose time and money or otherwise not be able to accomplish an organization’s goal

55
Q

Savings Bonds

A

Government bonds issued in relatively small denominations

56
Q

Seasonal Unemployment

A

Unemployment that occurs during specific seasons in certain industries

57
Q

Services

A

Intangible offerings of businesses that can’t be held, touched, or stored

58
Q

Socialism

A

An economic system in which the basic industries are owned either by the government itself or by the private sector under strong government control

59
Q

Standard of Living

A

A country’s output of goods and services that people can buy with the money they have

60
Q

Strategic Alliance

A

A cooperative agreement between business firms; sometimes called a strategic partnership

61
Q

Structural Unemployment

A

Unemployment that is caused by a mismatch between available jobs and the skills of available workers in an industry or region; not related to the business cycle

62
Q

Supply

A

The quantity of a good or service that businesses will make available at various prices

63
Q

Supply Curve

A

A graph showing the quantity of a good or service that businesses will make available at various prices

64
Q

Technology

A

The application of science and engineering skills and knowledge to solve production and organizational problems

65
Q

Unemployment Rate

A

The percentage of the total labor force that is not working but is actively looking for work

Business 101 (2 decks)

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