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Business Essentials > Vocab Quiz 2 > Flashcards

Vocab Quiz 2 Flashcards

1
Q

Brick and mortar

A

A business that operates out of a physical facility (instead of online)

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2
Q

Builders:

A

A type of producer that constructs roads, bridges, buildings, houses, etc.

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3
Q

Consumers

A

People who use goods and services to satisfy their wants

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4
Q

E-tailers

A

Retailers who operate solely online

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5
Q

Manufacturer

A

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers

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6
Q

Producers

A

The people who make or provide goods and services

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7
Q

Raw-goods producer

A

A type of producer that provides goods in their natural state

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8
Q

Retailer

A

A business that buys consumer goods or services and sells them to the ultimate consumer

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9
Q

Service business

A

A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users

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10
Q

Social responsibility

A

The duty of business to contribute to the well-being of society

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11
Q

Trade industries

A

Businesses that buy and sell goods to others; retailers and wholesalers

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12
Q

Wholesalers

A

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers

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13
Q

Capital goods

A

Manufactured or constructed items that are used in the production of goods and services

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14
Q

Consumer goods and services

A

Products produced for personal consumption

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15
Q

Consumption

A

The process or activity of using goods and services; The economic process or activity of using goods and services

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16
Q

Demand

A

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

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17
Q

Distribution

A

The economic process or activity by which income is divided among resource owners and producers

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18
Q

Economic goods

A

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

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19
Q

Economic resources

A

The human and natural resources and capital goods used to produce goods and services

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20
Q

Economic services

A

Productive acts that are useful, scarce, and transferable and which satisfy economic wants

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21
Q

Economic want

A

A desire for something that can only be satisfied by spending money

22
Q

Economics

A

The study of how to meet unlimited, competing wants with limited resources

23
Q

Elastic demand

A

A form of demand for products in which changes in price correspond to changes in demand

24
Q

Elasticity

A

An indication of how changes in price will affect changes in the amounts demanded and supplied

25
Q

Equilibrium

A

The point at which the quantity supplied is equal to the quantity demanded

26
Q

Excess demand

A

The situation that exists when demand is greater than supply

27
Q

Excess supply

A

The situation that exists when supply is greater than demandq

28
Q

Exchange

A

The economic process of trading one good/service for another

29
Q

Factors of production

A

Productive resources; human and natural resources and capital goods

30
Q

Human resources

A

People who work to produce goods and services

31
Q

Industrial goods and services

A

Products purchased by producers for resale, to make other goods and services, and/or to use in business operations

32
Q

Inelastic demand

A

A form of demand in which changes in price do not affect demand

33
Q

Law of demand

A

Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service

34
Q

Law of supply

A

Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price

35
Q

Law of supply and demand

A

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low

36
Q

Natural resources

A

Items found in nature that are used to produce goods and services

37
Q

Need

A

Something required or essential that is lacking

38
Q

Noneconomic want

A

Desires for things that can be obtained without spending money

39
Q

Opportunity cost

A

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

40
Q

Price

A

The amount of money paid for a good, service, or resource

41
Q

Production

A

The economic process or activity of producing goods and services

42
Q

Scarcity

A

A condition resulting from the gap between limited resources and unlimited wants for goods and services

43
Q

Supply

A

The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period

44
Q

Trade-off

A

Giving up all or a part of one thing in order to get something else

45
Q

Want

A

A desire for something that is not required

46
Q

Command economy:

A

An economic system in which all or many of the means of production and distribution are owned and controlled by the government

47
Q

Communism:

A

A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution

48
Q

Economic system:

A

The organized way in which a country handles its economic decisions and solves its economic problems

49
Q

Market economy:

A

An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

50
Q

Socialism

A

A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well

51
Q

Traditional economy:

A

An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition

Business Essentials (7 decks)

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