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| adds comfort and pleasure to our lives (learned) |
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| Tangible item, can be touched |
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| Intangible item, cannot be touched |
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| The means through wich goods/services are produced (natural, Human, Capital) |
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| Limited, not a large supply |
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Process of choosing the wants that will be met
(Define, identify, evaluate, choose, act, review) |
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| what you make when you give something up to have something else |
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| Value of the next-best alternative that you did not choose |
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a nation's plan for answereing the three economic questions
(command, market, traditional, mixed) |
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Resources are owned and controlled by the people of the country
Economic questions are answered by individuals through buying and selling in the marketplace |
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| Goods and services are produced the way it has always been done (by hand, simple tools) |
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Resources are owned and controlled by the government
officials decide what will be produced and how it will be produced
they make all of the decisions on pretty much everything |
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combines elements of the command and market economies
most nations of the world can now be classified as a mixed economy |
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| Maslow's Hierarchy of needs |
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5-self actualization
4-Esteem
3-love and belonging
2-safety and security
1-physiological needs |
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| Private ownership of resources by individuals, rather than by the government |
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| person who buys and uses goods and services |
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| individuals and organizations that determine what products and services will be available |
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| The quantity of a good/service that consumers are willing and able to buy |
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| the quantity of a good/service that business are willing and able to provide |
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| the point where supply and demand are equal |
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portion of people in the labor force who are not working
actively working but unable to find a job |
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| Production output in relation to a unit of input |
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| salaries and wages as well as investment income and government payments to individuals |
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| sales of durable and non-durable goods bought by consumers |
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| sales of durable and non-durable goods bought by consumers |
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| Gross Domestic Product (GDP) |
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| Total dollar value of all final goods/services produced in a country during one year |
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Output per person
Divide GDP by total population |
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| Movement of the economy from one condition to another and back again |
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| Period in which more people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases |
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| Period in which deamnd begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calender year |
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| Phase marked by a prolonged period of high employment, weak consumer sales, business failures, GDP falls rapidly |
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| Phase in which unemployment begins to decrease, demand for goods and services increases, GDP begins to rise again |
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Increase in the general level of prices
Takes more money to buy something
One cause: demand is higher than supply |
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| number that compares prices in one year with prices in some earlier base year |
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| decrease in the general level of prices |
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spending by businesses for items such as land, buildings, equipment, and new products
funding comes from three main sources |
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| ownership in a corporation |
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represents debt for an organization
paid interest by the gobernment/business |
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| Spend less than it takes in |
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| Spend more than it takes in |
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| Total amount owed byt the federal government |
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| The duty of a business to contribute to the well being of a community |
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| natural resource that cannot be replaced when it is used up |
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| principles of morality, rules of conduct |
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| Rules about how businesses and their employees ought to behave |
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| Set of rules for guiding the actions of employees or members of an organization |
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| Agreement to exchange goods/services for something of value, usually money |
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intangible, no physical characteristics
Patents copyrights trademarks |
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| Gives the inventor the sole right to make, use or sell the item for 20 years |
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protects the creative work of authors, composers, and artists
Lasts for life of person receiving it and extends another 70 years after that |
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word, letter, or symbol linked with a specific company or product (logo)
company names, team emblems, designs
register with the government |
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| organization that supplies a service or product vital to all people |
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| A business has control of the market for a product/service |
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prevent unfair business practices
government action meant to promote competition, fairness, and avoid monopolies |
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