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| an organized effort to produce products or services that satisfy a need while earning a profit |
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| A business must combine all four resources effectively to be successful. |
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| Sales Revenue subtracted from Business Expenses ehich equals a profit. |
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| How does business make a profit? |
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| satissfy the needs of it's owner |
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| Every firms goal is to... |
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| All the different people or groups of people who are affected by the policies, decisions, and activities made by an organization. |
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| The study of how wealth is created and distributed. |
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| The study of decisions made by individuals and businesses |
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| The study of National economy and global economy. |
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| Is the economic system in which individuals own and operate the majority of businesses that provide goods and services. |
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Wealth of nations 1776. Society pursues self interest.
People work hard if:
Earn more pay
Earn more profit
Promotes good of community |
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Right to create wealth
Right to own private property and Resources
Righ to economic Freedom and freedom to Roght to limited government intervention |
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| Describes how an individuals own personal gain benefits others and a nations economy. |
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| An economy that exhibits elements of both capitalism and socialism. |
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Right to own private property
Right to own a business and keep all that business profit
The right to freedom of competition
The right to freedom of choice
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| Decisions about what and how much to produce are made by the market |
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| economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises. |
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| Two forms of Command Economies |
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Gross Domestic Product
Inflation
Deflation
Unemployment rate
Consumer price index
Producer price index |
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| The recurrence of periods of growth and recission in a nation |
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| Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates |
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| Government influence on the amount of savings and expenditures accomplished by altering the tax structure and changing the levels of government spending |
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| Shortfll created when the federa; government spends more in a fiscal year then it recieves. |
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Perfect
Monopolistic
Oligoploy
Monopoly |
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| Four differennt types of Competitions |
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| A market situation in which there are many buyers along with a relatively large numbers of sellers |
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| The process of developing and promoting differences between ones products and all competitile products. |
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| A market situation in which there are few sellers. |
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| A market with only one seller, and there are barriers to keep other firms from entering the industry |
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| An industry that requires a huge investment in capital and within which any deplication of facilities would be wasteful |
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