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Definition
| economic system characterized by private ownership and competition in the marketplace |
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| basic economic problem; difference between unlimited wants and limited resources |
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Definition
| economic system in which a single party controls the government and resources |
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| business owned and operated by one person |
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| buying and selling goods through use of electronic means |
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| when a country has special resources or talents allowing it to produce an item at the lowest possible cost |
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Definition
| change in price does NOT create a change in demand |
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Definition
| intermediaries who bring buyers & sellers together, but do not take goods |
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Definition
| change in price of a product creates a change in demand |
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Definition
| making initial contact with a customer |
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Definition
| difference in value of imports and exports |
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| summary of a businesses assets/liabilities and owners' equity |
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| privileges beyond salary or wages |
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Definition
| where revenue equals cost & expenses of making/distributing a product |
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| exterior of a business including entrances, display windows, marquee and physical building make up |
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Definition
| continuous slowdown and growth of the economy |
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Term
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Definition
| facts already collected for another purpose but are referred to as a resource |
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Term
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Definition
| goods used in production process; money needed to start a business |
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Term
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Definition
| facts already collected for another purpose but are referred to as a resource |
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Term
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Definition
| monthly play that shows incoming and outgoing cash |
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Term
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Definition
| value a nation gains by selling good it produces most efficiently |
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Term
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Definition
| measure of inflation based on prices of goods and services used by average family |
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Term
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Definition
| opportunity to obtain money, goods or services immediately by promising to pay later |
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Term
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Definition
| phase of business cycle; prolonged recession |
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Definition
| money left after paying for living necessities (able to spend on anything) |
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| money left after taking out taxes (still have to pay for living necessities) |
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Definition
| total ban on trading with another country |
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Definition
| value determined by suptracting expenses from gross profit |
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Term
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Definition
| orderly process used to facilitate a professional business meeting |
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Definition
| limits monetary value or quantity of goods that may be imported |
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Term
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Definition
| period of economic slowdown that last at least 6 months |
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Term
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Definition
| period of noticeable increase in economic activity |
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Definition
| phase of business cycle when economy is flourishing |
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Definition
| process of developing, promoting and distributing products to satisfy customer needs and wants |
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Definition
| promise that a product will meet certain standards |
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Definition
| number of times the average inventory has been sold and replaced in a given time |
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Definition
| people who own a corporation |
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Definition
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Definition
| how floor space is allocated to serve customers |
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Term
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Definition
| obtain products from manufacturers and sell them in bulk to other wholesalers or retailers |
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