Exam Flashcards
The quantity of a product or service that consumers are willing and able to buy at a particular price
Demand
The rivalry among business to sell their goods and service to buyers
Competition
A phase marked by high unemployment, weak sales of goods and services and business failures
Depression
Things that you can see and touch
Goods
A business made up of a number of owners but authorized by law to act as a single person
Corporation
A written contract granting permission to sell someone else’s product or service in a prescribed manner, over a certain period of time, and in a specified area
Franchise
The difference between a country’s total exports and total imports of goods
Balance of Trade
Protection on the work of authors, composers, and artists
Copyright
Stopping the importing or exporting of a certain product or service
Embargo
When false information is given to a customer in an effort to make a sale
Fraud
Money left from sales after subtracting the cost of operating the business
Profits
An increase in the general price level
Inflation
Things that are necessary for survival, such as foods, clothing, and shelter
Needs
Goods and services sold to another country
Exports
Goods and services bought from another country
Imports
A business that has complete control of the market for a product or service
Monopoly
The value of any alternative that you give up when you buy something else or make another choice
Opportunity cost
A written statement attached to or printed on a product giving useful information about its nature or contents
label
the methods and information communicated to customer to encourage purchase and increase their satisfaction
promotion
a phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again
recovery
the problem which faces individuals, businesses and government of satisfying unlimited wants with limited resources
scarcity
things that satisfy our wants through the efforts of othe rpeople or equipment
services
the quantity of a product or service that businesses are willing and able to provide at a particular price
supply
things that are not necessary for survival but that add comfort and pleasure to our lives
wants
