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Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Economic Systems

A

the way a nation uses its limited resources to fill its unlimited wants and needs

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2
Q

Basic economic questions

A
  1. What goods/services should be produced?
  2. What quantities of goods/services to produce
  3. How should goods/services be produced?
  4. For whom should the goods/services be produced?
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3
Q

Factors of Production/Economic Resources

A
  1. Natural Resources
  2. Human Resources
  3. Capital Resources
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4
Q

Natural Resources

A

things provided by nature

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5
Q

Human Resources

A

people that do work (labor)

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6
Q

Capital Resources

A

money, machines, equipment

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7
Q

Scarcity

A

a limited amount of something

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8
Q

The economic problem

A

Limited resources to meet unlimited wants and needs

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9
Q

Need

A

Thing necessary for survival

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10
Q

Want

A

Things not necessary for survival but make life better

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11
Q

Elements of an economy

A

Consumers
Business
Government
The circular flow of money

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12
Q

The circular flow of money

A

How money moves through an economy, from consumers to business to government

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13
Q

World economic systems

A

Traditional economy
Planned government
Market economy
Mixed economy

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14
Q

Traditional economy

A

Things are done the way they’ve always been done

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15
Q

Planned government

A

The government controls all resources and answer all economic questions

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16
Q

Market economy

A

All economic decisions are made by the market place by consumers

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17
Q

Mixed economy

A

A combination of all economic systems where consumers make economic decisions

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18
Q

Economic systems elements

A 
Basic economic questions 
Factors if production/economic resources
Scarcity
The economic problem 
Needs vs wants
Elements of an economy
World economic systems
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19
Q

Business cycles

A

The general growth pattern of expansion and contraction that economies go through

20
Q

Prosperity

A

The economy is experiencing high production and high spending

21
Q

Recession

A

A slowdown in production that causes a decrease in spending

22
Q

Depression

A

An extended period of time with low production and low spending and high unemployment

23
Q

Recovery

A

Spending and production begin to increase and jobs are being created

24
Q

Business cycles words

A

Prosperity
Recession
Depression
Recovery

25
Q

Characteristics of private enterprise (mixed)

A

Freedom of ownership
Freedom of profit
Freedom of competition

26
Q

Freedom of ownership

A

Individuals have the right to own and operate their own businesses

27
Q

Freedom of profit

A

Individuals can earn and determine the use of the money they make

28
Q

Freedom of competition

A

Individuals have the right to open and operate business offering a product similar to other businesses

29
Q

Factors affecting profits,revenues, and expenses

A

Affecting profits
Affecting revenue
Affecting expenses

30
Q

Affecting profits

A

Prices
Expenses
Competition
productivity - how efficiently work is done

31
Q

Affecting revenues (sales)

A

Marketing-promotion and advertising
Competition
Product,service-quality
Operations

32
Q

Affecting expenses

A

Cost of materials and utilities
Efficient use of resources
Quality of good/ service
Human resources (productivity)

33
Q

Causes if economic decisions

A 
Price
Quality
Customer service
Warranties
Need or want
Persons economic position
The economy
Nature
Competition
34
Q

Domestic vs world trade

A

Domestic production
World trade
Free trade

35
Q

Domestic production

A

Products are produced within boundaries of a country

36
Q

World trade

A

Trading across borders to obtain products or services countries don’t produce with resources they possess

37
Q

Free trade

A

Allows traders to interact without barriers imposed by the government

38
Q

Benefits of free trade

A

Reduces prices

Increases variety of goods/services available

39
Q

imports vs exports and the us economy

A

Imports
Exports
Balance of trade

40
Q

Imports

A

Products/services brought in from other countries

41
Q

Exports

A

Products/services sold to other countries

42
Q

Balance of trade

A

Dollar amount of what a country imports is equal to the amount it exports

43
Q

Trade deficit

A

Imports>exports

44
Q

Trade surplus

A

Imports <exports

45
Q

Balance of trade situations

A

Trade deficit

Trade surplus

Business (4 decks)

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