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Intro to Business > Midterm - chapter 1 > Flashcards

Midterm - chapter 1 Flashcards

1
Q

businesses offering very similar products to the same customers

A

competitors

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2
Q

services are intangible - no _____ characteristics

A

services are intangible - no physical characteristics

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3
Q

an economy in which resources are owned and controlled by the government

A

command economy

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4
Q

studies individual relationships between producers and consumers

A

microeconomics

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5
Q
  • an economy in which goods and services are produced the way they have always been produced
  • it is used in countries that are less developed and are not yet participating int he global economy
A

traditional economy

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6
Q

What influences supply?

A
  • if consumers want product or service
  • if there’s a lot of competition
  • price
  • natural disasters
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7
Q

What kind of economic system does the US have?

A

capitalism / market economy

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8
Q

an economy in which the resources are owned and controlled by the people of the country

A

market economy

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9
Q

What are the 4 principles that the US economic system is based on?

A
  1. Private property
  2. Freedom of choice
  3. Profit
  4. Competition
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10
Q

the amount of money available to the business after all costs and expenses have been paid

A

profit

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11
Q

How do you figure out profit?

A

Revenue - Expenses = Profit

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12
Q

Most basic needs include food, water, shelter, ______, but also good education, safety and employment.

A

Most basic needs include food, water, shelter, clothing, but also, good education, safety and employment.

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13
Q

people producing goods and services; people who work for a business

A

human resources

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14
Q

A want is a thing that adds ____ and _____ to our lives

A

a want is a thing that adds pleasure and comfort to our lives

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15
Q

What are the 3 economic systems?

A
  1. command economy
  2. market economy
  3. traditional economy
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16
Q

an expert in economics

A

economist

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17
Q

the quantity of a good or service that businesses are willing and able to provide

A

supply

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18
Q

not having enough resources to satisfy every need

A

scarcity

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19
Q

What influences demand?

A
  • how many consumers want a good or service
  • how many of a similar good or service is being produced
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20
Q

products and money used to produce goods and services

A

capital resources

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21
Q

examples of goods

A
  • food
  • clothing
  • toys
  • furniture
  • toothpaste
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22
Q

the quantity of a good or service that consumers are willing and able to buy

A

demand

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23
Q

Services are really ____ satisfied through the efforts of other people

A

services are really wants satisfied through the efforts of other people

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24
Q

the process of choosing which needs and wants will be satisfied

A

economic decision making

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25
economic resources, including natural resources, human resources, and capital resources
factors of production
26
the value of the next best alternative that you were not able to choose
opportunity cost
27
things you can see and touch; they are products you can purchase to meet your wants and needs
goods
28
activities provided for the satisfaction of others that are consumed at the same time they are produced
services
29
A good is a thing you can ____ and touch
a good is a thing you can _see_ and touch
30
someone who takes a risk in starting a business to earn a profit
entrepreneur
31
only one company provides a good or service
monopoly
32
the ______ is the largest producer of goods and services in the world
the United States is the largest producer of goods and services in the world
33
capital resource also includes \_\_\_\_
capital resource also includes money
34
examples of services
* haircuts * doctor appointments * mail delivery * car repair
35
studies the economic behavior and relationship of the entire society
macroeconomics
36
the freedom to make decisions independently while accepting the consequences of those decisions
freedom of choice
37
things that add comfort and pleasure to your life
wants
38
What are the 3 economic questions?
1. What goods and services will be produced? 2. How will goods and services be produced? 3. What needs and wants will be satisfied with the goods and services produced?
39
* the graphic view of the supply for a product or service * illustrates the relationship between the price of the product and the quantity businesses will supply
supply curve
40
what you make when you give something up to have something else
trade off
41
examples of needs
* food * water * air * shelter
42
the rivalry among businesses to sell their goods and services
competition
43
the quantity of a good or service that consumers are willing and able to buy
demand
44
What are some benefits of competition?
forces businesses to improve products, keep costs low, provide effective customer service and search for new ideas
45
the method a country uses to answer the three economic questions
economic system
46
the point where supply and demand are equal
market/equilibrium price
47
examples of natural resources
* oil * minerals * water
48
things available to be used to produce goods and services
economic resources
49
anywhere that goods and services are exchanged
marketplace
50
the mismatch of unlimited wants and needs and limited economic resources
basic economic problem
51
Most of our wants are satisfied with ____ and \_\_\_\_\_\_
most of our wants are satisfied with _goods and services_
52
a _____ is an activity that is consumed at the time of purchase
a _service_ is an activity that is consumed at the time of purchase
53
* economy based on freedom of choice * you an make decisions independently and must accept the consequences of those decisions
free / private enterprise
54
We ____ need everything we see or hear about
We DO NOT need everything we see or hear about
55
an economy that combines elements of the command and market economies
mixed economy
56
examples of capital resources
* money * buildings * equipment * supplies
57
a ____ are things that are necessary for survival
a _need_ are things that are necessary for survival
58
remember that resources are \_\_\_\_
limited
59
the quantity of good or service that businesses are willing and able to provide
supply
60
a person who buys and uses goods and services
consumer
61
Wants are ____ and include computers, iPhone and designer jeans
Wants are _unlimited_ and include computer, iPhone and designer jeans
62
* the graphic view of the demand for a product or service * illustrates the relationship between the price of the product and the quantity demanded by consumers
demand curve
63
natural resource - raw materials supplied by \_\_\_\_
natural resource - raw materials supplied by _nature_
64
kind of economy where government decides what kinds of goods or services are produced
communism
65
human resource - _____ who produce the goods and services
human resource - _people_ who produce the goods and services
66
raw materials supplied by nature
natural resources
67
the private ownership of economic resources by individuals rather than by the government
capitalism
68
things that are required in order to live
needs
69
What are the 3 economic resources?
1. natural resources 2. human resources 3. capital resources
70
capital resource - \_\_\_\_, equipment and buildings used in the production of goods and services
capital resource - _tools_, equipment and buildings used inthe production of goods and services
71
examples of wants
* iPhone * large house * luxury car
72
examples of human resources
* farmers * factory workers * sales people
73
What sets demand?
if consumers want to purchase it or not

Intro to Business (41 decks)

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