Term
|
Definition
| An organization the provides goods or services to earn profits (5) |
|
|
Term
|
Definition
| The difference between a business's revenues and its expenses (5) |
|
|
Term
|
Definition
| Everything outside an organization's boundaries that might affect it (6) |
|
|
Term
| domestic business environment |
|
Definition
| The environment in which a firm conducts its operations and derives its revenues (7) |
|
|
Term
| global business environment |
|
Definition
| The international forces that affect a business (7) |
|
|
Term
| technological environment |
|
Definition
| All the ways by which firms create value for their constituents (7) |
|
|
Term
| political-legal environment |
|
Definition
| The relationship between business and government (7) |
|
|
Term
| sociocultural environment |
|
Definition
| The customs, mores, values and demographic characteristics of the society in which an organization functions (8) |
|
|
Term
|
Definition
| A nation's system for allocating its resources among its citizens (8) |
|
|
Term
|
Definition
| Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources and information resources (8) |
|
|
Term
|
Definition
| Physical and mental capabilities of people as they contribute to economic production (8) |
|
|
Term
|
Definition
| Funds needed to create and operate a business enterprise (8) |
|
|
Term
|
Definition
| Individual who accepts the risks and opportunities involved in creating and operating a new business venture (9) |
|
|
Term
|
Definition
| Tangible items organizations use in the conduct of their businesses (10) |
|
|
Term
|
Definition
| Data and other information used by businesses (10) |
|
|
Term
|
Definition
| Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions. (11) |
|
|
Term
|
Definition
| Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions. (11) |
|
|
Term
|
Definition
| Economy in which individuals control production and allocation decisions through supply and demand (11) |
|
|
Term
|
Definition
| Political system in which the government owns and operates all factors of production (11) |
|
|
Term
|
Definition
| Mechanism for exchange between buyers and sellers of a particular good or service (11) |
|
|
Term
|
Definition
| System that sanctions the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive (12) |
|
|
Term
|
Definition
| Economic system featuring characteristics of both planned and market economies (12) |
|
|
Term
|
Definition
| Process of converting government enterprises into privately own companies (12) |
|
|
Term
|
Definition
| Planned economic system in which the government owns and operates only selected major sources of production (12) |
|
|
Term
|
Definition
| willingness and ability of buyers to purchase a good or service (13) |
|
|
Term
|
Definition
| The willingness and ability of producers to offer a good or service for sale (14) |
|
|
Term
|
Definition
| Principle that buyers will purchase (demand) more of a product as its price drops and less as its price increases (14) |
|
|
Term
|
Definition
| Principle that producers will offer (supply) more of a product for sale as its price rises and less as its price drops (14) |
|
|
Term
|
Definition
| Graph showing how many units of a product will be demanded (bought) at different prices (14) |
|
|
Term
|
Definition
| Graph showing how many units of a product will be supplied (offered for sale) at different prices (14) |
|
|
Term
|
Definition
| situation in which quantity supplied exceeds quantity demanded (14) |
|
|
Term
|
Definition
| Situation in which quantity demanded exceeds quantity supplied (14) |
|
|
Term
|
Definition
| Economic system that allows individuals to pursue their own interests without undue government restriction (15) |
|
|
Term
|
Definition
| Vying among businesses for the same resources or customers (16) |
|
|
Term
|
Definition
| Market or industry characterized by numerous small firms producing an identical product (16) |
|
|
Term
|
Definition
| Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors (17) |
|
|
Term
|
Definition
| Market or industry characterized by a handful of (generally large) sellers with the power to influence the price of their products (17) |
|
|
Term
|
Definition
| Market or industry in which there is only one producer that can therefore set the prices of its products (17) |
|
|
Term
|
Definition
| A statistic that helps assess the performance of an economy (18) |
|
|
Term
|
Definition
| Short-term pattern of economic expansions and contractions (19) |
|
|
Term
|
Definition
| The total quantity of goods and services produced by an economic system during a given period (19) |
|
|
Term
|
Definition
| The total quantity and quality of goods and services people can purchase with the currency used in their economic system (19) |
|
|
Term
| gross domestic product (GDP) |
|
Definition
| Total value of all goods and service produced within a given period by a national economy through domestic factors of production (20) |
|
|
Term
| gross national product (GNP) |
|
Definition
| Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located (20) |
|
|
Term
|
Definition
| Gross domestic product adjusted to account for changes in currency values and price changes (20) |
|
|
Term
|
Definition
| Gross domestic product adjusted to account for changes in currency values and price changes (20) |
|
|
Term
|
Definition
| Gross domestic product measured in current dollars or with a components valued at current prices (20) |
|
|
Term
|
Definition
| The principle that exchange rates are set so that the prices of similar products in different countries are about the same (20) |
|
|
Term
|
Definition
| A measure of economic growth that compares how much a system produces with the resources needed the produce it (21) |
|
|
Term
|
Definition
| The economic value of all the products that a country exports minus the value of all the products it imports (22) |
|
|
Term
|
Definition
| The amount of money the government owes its creditors (23) |
|
|
Term
|
Definition
| Condition in which the amount of money available in an economic system and the quantity of goods and services produced in it are growing at about the same rate (24) |
|
|
Term
|
Definition
| Occurs when widespread price increases occur throughout an economic system (24) |
|
|
Term
| consumer price index (CPI) |
|
Definition
| A measure of the prices of typical products purchased by consumers living in urban areas (24) |
|
|
Term
|
Definition
| The level of joblessness among people actively seeking work in an economic system (25) |
|
|
Term
|
Definition
| A period during which aggregate output, as measured by GDP, declines (26) |
|
|
Term
|
Definition
| A prolonged and deep recession (26) |
|
|
Term
|
Definition
| Policies used by a government regarding how it collects and spends revenue (26) |
|
|
Term
|
Definition
| Policies used by a government to control the size of its money supply (26) |
|
|
Term
|
Definition
| Government economic policy intended to smooth out fluctuations in output and unemployment and to stabilize prices (27) |
|
|
