Term
|
Definition
| The organized way a nation provides for the needs and wants for its people |
|
|
Term
|
Definition
| All of the things used in producing goods and services |
|
|
Term
|
Definition
| Compromise 4 categories: land, labor, capital and entrepreneurship |
|
|
Term
|
Definition
| The physical development of the country |
|
|
Term
|
Definition
| The skills of people who are willing to invest their time and money in order to run a business |
|
|
Term
|
Definition
| The difference between wants and needs and available resources |
|
|
Term
|
Definition
| Traditions and rituals answer to basic questions of what, how and for whom |
|
|
Term
|
Definition
| No government involvement in economic decisions |
|
|
Term
|
Definition
| System in which a country's govenment makes economic decisions and decides what, when and how much |
|
|
Term
|
Definition
| Output per worker per hour that is measured over a defined peroid of time. |
|
|
Term
| GDP(Gross Domestic Product) |
|
Definition
| Output of goods and services produced by labor and property located within a country |
|
|
Term
| GNP (Gross National Product) |
|
Definition
| Total dollar value of goods and services produced by a nation |
|
|
Term
| CPI (Consumer Price Index) |
|
Definition
| Measures the change in price over a period of time for specific retail goods and services used in an average urban household |
|
|
Term
| PPI (Producer Price Index) |
|
Definition
| Measures wholesale price levels in the economy |
|
|
Term
|
Definition
| Reaccuring changes in economic activity such as contraction and expansion |
|
|
Term
|
Definition
| Time when the economy is flourishing, often called period of prosperity |
|
|
Term
|
Definition
| Time when economy slowing down that lasts for at least 6 months |
|
|
Term
|
Definition
| Period of prolonged recession, longer than 6 months |
|
|
Term
|
Definition
| To signify a period of growth and renewed economic growth after a recession or depression |
|
|
Term
|
Definition
| The desire for an item that can be valued in monetary term |
|
|
Term
|
Definition
| The desire for something that can be obtained without money |
|
|
Term
|
Definition
| The price customers are willing to pay for the number of products producers are willing to make |
|
|
Term
|
Definition
| Slight change in price creates a large change in demand |
|
|
Term
|
Definition
| Change in price has very little effect on demand |
|
|
Term
|
Definition
| The supply is greater than the demand |
|
|
Term
|
Definition
| The demand is greater than the supply |
|
|
Term
|
Definition
| Amount of product being supplied is equal to the amount demanded |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Two or more owners of a business |
|
|
Term
| LLC (Limited liability company) |
|
Definition
| Owners have limited liability, limited life, personal property can't be used to pay debts |
|
|
Term
|
Definition
| Form an entity that will be treated as a person with legal rights, duties and powers |
|
|
Term
| Functions of business: Production |
|
Definition
| Creating, growing, manufacturing or improving something created by someone else |
|
|
Term
| Functions of business: Marketing |
|
Definition
| When goods are created, grown or manufactured they must be sold in the marketplace |
|
|
