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HLWW BNU Unit 1Vocab

Unit 1 Vocabulary Business & You

QuestionAnswer
Basic Economic Problem/Scarcity The conflict between unlimited wants and limited resources.
Capital Resources or Capital The tools, equipment, and buildings that are used to produce goods and services.
Economic Decision Making The process of choosing which wants, among several wants being considered at a certain time, will be satisfied.
Economic Resources or Factors of Production The means through which goods and services are produced.
Goods Things you can see and touch.
Human Resources or Labor The people who work to produce goods and services.
Natural Resources The raw materials supplied by nature.
Needs Things that are necessary for survival.
Services Wants that are satisfied through the efforts of other people or by equipment.
Wants Things which are not necessary for survival but which add comfort and pleasure to our lives.
Business An establishment or enterprise that supplies us with goods and services in exchange for payment in some form.
Capitalism/Free Enterprise System/Market Economy/Private Enterprise System A system in which economic decisions are freely made by buyers and sellers in the marketplace.
Communism The government owns and controls most of the economic resources and has tight control over them. All economic activities are planned and directed by the state. (North Korea is an example.)
Competition The rivalry among businesses to sell their goods and services to buyers.
Custom-Based Economy Goods are produced the way they have always been produced.
Directed/Planned Economy Resources are owned and controlled by the government.
Economic System A nation's plan for answering the three basic economic questions.
Marketplace Any place where buyers and sellers exchange goods, services, and some form of money.
Private Enterprise The right of the individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction.
Private Property The right to own, use, or dispose of things of value.
Profit The money left from sales after subtracting the cost of operating the business.
Profit Motive The desire to work for profit.
Socialism The government owns and operates certain basic enterprises, such as steel mills, railroads and airlines, power plants, radio and television station, hospital and health-care services, and banks.
Demand The quantity of a product or service that consumers are willing and able to buy at a particular price.
Productivity Refers to the quantity of a good that an average worker can produce in an hour.
Standard of Living A measure of how well people in a country live; this usually means the quality and quantity of wants and needs which are satisfied.
Supply The quantity of a product or service that businesses are willing and able to provide at a particular price.
Base Year The year chosen to compare an item, such as price, to any other year.
Business Cycle The movement of our economy from one condition to another and back again.
Deflation A decrease in the general level of prices.
Depression This phase of the business cycle is marked by high unemployment and business failure.
Gross National Product/GNP The total dollar value of all final goods and services produced in our country during one year.
Inflation An increase in the general price level.
Per Capita Output This is found by dividing GNP by the total population.
Properity The high point of the business cycle. During this time, most people who want to work are working, wages are good, and the GNP is high.
Recession When demand falls and businesses lower production, unemployment begins to rise.
Recovery The phase of the business cycle in which unemployment begins to decrease and GNP rises.
Created by: dkcgtjs
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