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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
Q

economic resources, including natural resources, human resources, and capital resources

A

factors of production

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26
Q

the value of the next best alternative that you were not able to choose

A

opportunity cost

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27
Q

things you can see and touch; they are products you can purchase to meet your wants and needs

A

goods

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28
Q

activities provided for the satisfaction of others that are consumed at the same time they are produced

A

services

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29
Q

A good is a thing you can ____ and touch

A

a good is a thing you can see and touch

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30
Q

someone who takes a risk in starting a business to earn a profit

A

entrepreneur

31
Q

only one company provides a good or service

A

monopoly

32
Q

the ______ is the largest producer of goods and services in the world

A

the United States is the largest producer of goods and services in the world

33
Q

capital resource also includes ____

A

capital resource also includes money

34
Q

examples of services

A
  • haircuts
  • doctor appointments
  • mail delivery
  • car repair
35
Q

studies the economic behavior and relationship of the entire society

A

macroeconomics

36
Q

the freedom to make decisions independently while accepting the consequences of those decisions

A

freedom of choice

37
Q

things that add comfort and pleasure to your life

A

wants

38
Q

What are the 3 economic questions?

A
  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
Q
  • 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
A

supply curve

40
Q

what you make when you give something up to have something else

A

trade off

41
Q

examples of needs

A
  • food
  • water
  • air
  • shelter
42
Q

the rivalry among businesses to sell their goods and services

A

competition

43
Q

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

A

demand

44
Q

What are some benefits of competition?

A

forces businesses to improve products, keep costs low, provide effective customer service and search for new ideas

45
Q

the method a country uses to answer the three economic questions

A

economic system

46
Q

the point where supply and demand are equal

A

market/equilibrium price

47
Q

examples of natural resources

A
  • oil
  • minerals
  • water
48
Q

things available to be used to produce goods and services

A

economic resources

49
Q

anywhere that goods and services are exchanged

A

marketplace

50
Q

the mismatch of unlimited wants and needs and limited economic resources

A

basic economic problem

51
Q

Most of our wants are satisfied with ____ and ______

A

most of our wants are satisfied with goods and services

52
Q

a _____ is an activity that is consumed at the time of purchase

A

a service is an activity that is consumed at the time of purchase

53
Q
  • economy based on freedom of choice
  • you an make decisions independently and must accept the consequences of those decisions
A

free / private enterprise

54
Q

We ____ need everything we see or hear about

A

We DO NOT need everything we see or hear about

55
Q

an economy that combines elements of the command and market economies

A

mixed economy

56
Q

examples of capital resources

A
  • money
  • buildings
  • equipment
  • supplies
57
Q

a ____ are things that are necessary for survival

A

a need are things that are necessary for survival

58
Q

remember that resources are ____

A

limited

59
Q

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

A

supply

60
Q

a person who buys and uses goods and services

A

consumer

61
Q

Wants are ____ and include computers, iPhone and designer jeans

A

Wants are unlimited and include computer, iPhone and designer jeans

62
Q
  • 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
A

demand curve

63
Q

natural resource - raw materials supplied by ____

A

natural resource - raw materials supplied by nature

64
Q

kind of economy where government decides what kinds of goods or services are produced

A

communism

65
Q

human resource - _____ who produce the goods and services

A

human resource - people who produce the goods and services

66
Q

raw materials supplied by nature

A

natural resources

67
Q

the private ownership of economic resources by individuals rather than by the government

A

capitalism

68
Q

things that are required in order to live

A

needs

69
Q

What are the 3 economic resources?

A
  1. natural resources
  2. human resources
  3. capital resources
70
Q

capital resource - ____, equipment and buildings used in the production of goods and services

A

capital resource - tools, equipment and buildings used inthe production of goods and services

71
Q

examples of wants

A
  • iPhone
  • large house
  • luxury car
72
Q

examples of human resources

A
  • farmers
  • factory workers
  • sales people
73
Q

What sets demand?

A

if consumers want to purchase it or not

Intro to Business (41 decks)

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