Terms Flashcards

1
Q

something tangible/physical and of value

A

A good

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2
Q

An organization that uses a resorce to produce good/services to satisfy the customers needs/wants in exchange for profit (money)

A

Business

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3
Q

An action performed and has value

A

A service

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4
Q

A necessity of life

A

A need

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5
Q

Something you would like to have (has value) but not needed to live.

A

A want

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6
Q

The net gain obtained by subtraction expenses from revenue

A

Profit

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7
Q

Total income of a business

A

Revenue

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8
Q

Total cost a business pays to operate as a business

A

Expenses

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9
Q

has the purpose of making a profit for their owners

A

For-profit Business

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10
Q

money gained goes back into the business not the owner

A

Non-Profit Business

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11
Q

the basic foundation of economics: our wants are unlimited but the resources we need to meet our wants are limited

A

Scarcity

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12
Q

Something that occurs anytime buyers and sellers willingly negotiate and exchange things of value

A

Market

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13
Q

the wealth and resources of a country or region

A

Economy

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14
Q

the government determaines who owns the means to produce goods/services - govr’t controls all

A

Socialized (command) Economy

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15
Q

the owner is determained through the interaction of free market - barley anything is government run

A

Market (pure Capitalist) Economy

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16
Q

most countries are this - mostly market with some socialized components

A

Mixed Economy

17
Q

the study of how we deal with scarcity in our world

A

Economics

18
Q

The quantity of goods/services that producers are willing and able to sell at various prices

A

Supply

19
Q

The quantity of goods/services that consumers are willing and able to buy at various prices

A

Demand

20
Q

When a supply curve and demand curve meet

A

Equilibrium

21
Q

A Business owned and opporated by 2 or more people

A

Partnership

22
Q

similar to individuals but legal entity is separate and distinct from it’s owners

A

Corporation

23
Q

shareholders personal assets are separate from the assets of the corporation (not personally liable for the losses)

A

Limited liability

24
Q

shares are bought and sold on public stock exchange - normally very large

A

Public corporation

25
Q

doesn’t sell shares, gets private investors to purchase their shares

A

private corporation

26
Q

Created/opporated by our federal government, often created to organize resources that’ll exchange the public good. ex, school boards

A

Crown corporation

27
Q

license that allows a franchises to operate a business using franchisor’s and other factors. (also has extra fees involved)

A

Franchise

28
Q

the willing exchange of goods and services for perceived value

A

Trade

29
Q

next most valuable option when you have given up in an exchange

A

opportunity cost

30
Q

international trade left to its natural course without restrictions

A

Free trade

31
Q

partnership of respect that seeks greater respect in international trade

A

fair trade

32
Q

refers to the process of interactions among people, companies, and governments worldwide - increaced international connectivity - reduction of trade barriers

A

Globalization

33
Q

the long-term viablity of a community, social interactions, or social practices. The idea that humans need to find ways of supporting life today in ways to also support future generations

A

sustainability

34
Q

this is the measurement of the average economic output per person providing insight into standard of living, and economic health of a country.

A

GDP per Capita