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| An organization that strives for a profit by providing goods & services desired by it's customers |
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| Tangible items manufactured by business |
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| Intangible offerings of businesses that ca't be touched or stored |
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| A country's output of goods and services that people can buy with the money they have |
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| The general level of human happiness based on such things life expectancy educational standards health sanitation and leisure time. Is a combined effort of business Govt & not for profit organizations |
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| The potential to lose time & money or otherwise not be able to acomplich an organization's goal |
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| the money of a company recives by providing services or selling goods to customers |
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| Expenses incured from creating and selling goods & services i.e rent supplies & transportation |
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| The money left over costs are paid |
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| An organization that exsits to achive some goal other than the usual business goal of profit |
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| The resources used to create goods & service i.e natural resources, labor, capital and entrepreneurship |
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| The input such as tools machinery, equipment & buildings used to produce goods & services to the cutomer |
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| People who combine the inputs of natural resourcs labor & capital to produce goods or services with the intention of making a profit or acomplishing a not for profit |
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| The combined talents & skills of the work force |
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| Technological Economic Political/legal, Demographic, Social, Competitive & Global |
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| Entrepreneurs, managers, Workers & Customers |
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| Force of supply and demand |
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| Determine how prices & quantities of goods & services behave in a free market |
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| The study of people's vital statistics, such as their age, gender, race & ethnicity & location |
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| the application of science & enginering skills & knowledge to solve production & organizational problems |
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| The amount of goods & services one worker can produce |
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| The combination of policies laws and choices made by a nation's government to establish the systems that determine what goods and services are produced and how they are allocated |
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| The study of how society uses scarce resources to produce & distribute goods & services |
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| An economic system based on competition in the marketplace & drivate ownership of the factors of production (resources); also known as the private enterprise system |
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| Capitalist system guarantees |
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guarantees certain economic rights:
-The right to own property
-The right to make a profit
-The right to make free choices |
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| An economic system characterized by Govt. ownership of virtually all resources, Govt. control of all markets & economic decision making by central Govt. planning |
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| their products at the lowest price possible & sell them at the highest possible price |
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| An economic system in which the basic industries are owned either by the Govt. itself or by the private sector under strong Govt. control |
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| The quantity of goods or services that people are willing to buy at various prices |
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| The quantity of goods or services that businesses will make available at various prices |
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| Point that supply & demand are in agreement |
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-oliology
-Perfect pure competition
-pure monoply
-Monopolistic competition |
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large # of small firms sell similar products buyers & sellers are informed
-Easy entry/closure |
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| A single firm accounts for all industry sales in which there are barriers to entry |
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| factors such as technological or legal conditions that prevent new firms from competing equally w/ an existing firm |
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| the # of supplies in a market |
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| Retail. A market in which many firms offer products that are close substitutes and in which entry is relatively easily |
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| A market structure in which a few firms produce most or all of the output & in which large capital requirements or other factors limit the # of firms |
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| The ration of benefits to the sacrifice necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to actually buy a product |
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| economics that combine several economic systems -for example an economy where the Govt. owns certain industries but others are owned by the private sector |
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| The practice of building maintaining & enhansing interactions w/ customers & other parties to develop long term satisfaction through mutually beneficial partnership |
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| The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large proups of people companies or products |
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| The subarea of economics that focuse on individual parts of the economy such as households or firms |
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| The movement of inputs & outputs among households, businesses & Govt; a way of showing how the sectors of the economy interact |
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| An increase in a nation's output of goods & services |
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| The total market value of all final goods and services producd withinn a nation's borders each year |
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| Upwards & downward changes in the level of economic activity |
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| a decline in GDP that lasts for at least two consecutive quarters |
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| When the economy is growing companies often |
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| have a difficult time good employees & finding scarce supplies & raw materials |
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| The condition when all people who want to work & can work have jobs - goal of macroeconomics |
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| the percentage of the total labor force that is not working but is actively looking for work |
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| Short term emplyment that is not related to the business structure |
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| Unemployment that is caused by a mismatch btw available jobs & skills of available workers in an industry or region; not related to the business cycle |
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| Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy |
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| Unemployment that occurs during specific seasons in certain industries |
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| The situation in which the average of all prices of ggoods & services is rising |
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| the value of what money can buy |
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| Inflation that occurs when the demand for goods & services is greater than the supply |
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| Inflation that occurs when increases in production costs push up the prices of final good & services |
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| An index of a "market basket" of goods & services purchased by typical urban consumers |
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| An inde of the prices paid by producers & wholesalers for various commodities such as raw materials, partially finished goods & finished products |
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| A Govt. programs for controlling the amount of money circulating in the economy & interest rates |
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| Federal Reserve System (the Fed) |
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| The central banking system if the U.S |
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| The use of monetary policy by the Fed to tighten the money supply by selling Govt. securities or raising interest rates |
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| The use of monetary policy by the fed to increase or loosen, the growth of money supply |
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| The Govt. use of taxation & spending to affect the economy |
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| The situation that occures when Govt. spending replaces spending b the private sector i.e the Govt. spends more on public libraries, & individuals buy fewer books at bookstores |
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| The condition that occurs when the federal Govt. spends more for programs that it collects in taxes |
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| The accumulated total of all of the federal Govt.'s annual budget deficits |
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| Govt. bonds issued in relatively small denominators |
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| A graph showing the quality of a good or service that ppl are willing to buy at various prices |
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| A graph showing the quantity of a good or service that businesses will make available at various prices |
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| The practice of building maintaining & enhansing interactions w/ customers & other parties to develp long term satisfaction through mutually benefical |
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