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introtobusinesses
study for a test
| Question | Answer |
|---|---|
| wants vs. needs | things we WISH we could have(car,ipad). things that we NEED to survive(food,shelter,clothing) |
| goods and services | THINGS that can be weighted physically. TASKS that people or machines perform. |
| the 5 decision making process | 1.identify the situation 2.identify possible courses of action 3.determine the pros. and cons. 4.make a decision 5.evaluate your decision |
| competition | the contest between businesses to win costumers |
| consumer | a person who uses goods and services(we're all consumers) |
| opportunity cost | what you give up when you make one choice over the other |
| business activities | 1.identify opporyunities 2.evaluate the demand 3.obtain the start-up money 4.manage the production 5.keep records |
| the 4 factors of production | 1.natural resources(from earth) 2.capital resources(items to produce goods and services) 3.labor resources(people who do the work) 4.entrepreneurial resources(combination of natural,human,and capital to produce goods and services) |
| resources | are the items that go into the making of goods and services |
| scarcity | there are LIMITED resources to satisfy UNLIMITED wants and needs |
| different types of economies | 1.market economy 2.command economy 3. mixed economy |
| demand | the amount of quality of goods and services that costumers are willing to buy at various prices |
| supply | the amount of goods and services that produces will provide at various prices |
| surplus | extra money that can be spend or saved |
| phases of the businesses cycle | 1.recovery 2.prosperity 3.recession 4.depression |
| !prosperity @recession #depression $recovery | !higher wages, greater demand for goods and services @economic slows down,lower in production,need fewer workers. #many are out of work,fewer foods +services,factories shut down. $production starts to increase, people start going back to work. |
| *economic indicators* gdp cpi | gross domestic product consumer price index |
| unemployment | number of people out of work |
| inflation | a general increase in the price of goods and services. one's buying power decreases b/c it costs more to buy goods and services |
| 5 characteristics of market economy | 1an economic system in which economic decisions are made in the marketplace 2resources are privately owned 3govt.works to promote free trade and prevent unfair trade practices 4consumers choose their occupations 5there is an uneven distribuation of in |
| 5 characteristics of command economy | 1.an economy system in which a central authority makes 2govt.dictates what will be produced 3govt.owns and controls all the resources and businesses 4little choice on what to buy 5prices are controlled by the state |
Created by:
nelliegacrcia
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