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Chapters 1-3
Intro to Business Terms
18
Business
10th Grade
04/30/2015

Additional Business Flashcards

 


 

Cards

Term
Factors of Production
Definition
Economic resources are also referred to as this. (3 Words)
Term
Natural resources
Definition
Raw Materials supplied by nature
Term
Capital Resources
Definition
The buildings, equipment, and supplies used in the production of goods and services.
Term
Scarcity
Definition
Not having enough of a particular resource
Term
Opportunity Cost
Definition
The value of the next best alternative that you did not choose to purchase.
Term
Command, Market, Traditional, Mixed
Definition
List the 4 Types of Economic Systems
Term
What goods and services will be produced?
How will the goods and services be produced?
What needs and wants will be satisfied with the goods produced?
Definition
List the 3 Economic Questions
Term
Capitalism, Market Economy, Free Enterprise, Private Enterprise,
Definition
Names for the U.S. economic system
Term
Competition
Definition
The rivalry among businesses to sell their goods and services.
Term
Consumer
Definition
Person who buys and sells products/services.
Term
Market Price
Definition
Point at which supply and demand meet on the curve.
Term
GDP - Gross Domestic Product
Definition
How is our Economic Growth and our Country's Sales measured?
Term
Products imported into the U.S.
Products made by U.S. Countries outside of U.S.
Products not purchased as final product.
Definition
Name one item that is NOT included in GDP
Term
Unemployment rate
Definition
% of People in the workforce what are not working but actively seeking a job.
Term
Prosperity, Recession, Depression, Recovery,
Definition
List the 4 conditions in the Business Cycle
Term
Inflation
Definition
Increase in the general level of prices
Term
Bond
Definition
Represents Debt for an organization
Term
Budget Surplus
Definition
When a country exports more than it imports.
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