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PBF399 Unit 1 Terms

PBF Unit 1 Terms

QuestionAnswer
Combines elements of the command and market economies Mixed Economy
The initiative to combine natural, human, and capital resources Entrepreneurial Resources
Value of the next-best alternative that is forgone to produce or obtain another product Opportunity Cost
Businesses that offer the same goods to the same customers Competitors
Individuals and organizations that determine which goods and services to sell Producers
Process of choosing which needs or wants will be satisfied Economic Decision-making
Means from which goods and services are produced Economic Resources
Right to purchase, use, and discard things of value Private Property
Activities that can be used at the time of purchase to satisfy needs and wants Services
Condition that exists when wants or needs exceed resources available Scarcity
Study of the decisions made for production, distribution, and consumption of goods and services Economics
Required necessities Needs
Buys and uses goods and services Consumer
Goods and money used in the production of goods and services Capital Resources
Raw materials supplied by nature Natural Resources
People using efforts, knowledge, and skills at work to produce goods and services Human Resources
Economic system in which freedom to consume and produce goods and services exists Free Enterprise
Economic system is based upon customs and centered around family Traditional Economy
Items purchased to satisfy needs and wants Goods
Money left after selling goods and services and taking off the costs of operating a business Profit
Goods that are purchased to to add comfort or pleasure. Wants
Anywhere goods or services exchange hands Marketplace
Process of giving up something for gaining something else Tradeoff
Goods and sevices are owned and controlled by the people Market Economy
Opportunity to make choices of goods and services and accept consequences of decisions Freedom of Choice
Economics system in which the government owns resources and dictates what is produced Command Economy
The point where supply and demand are equal Market Price
An approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country. GDP Per Capita
The amount of output per unit of input (labor, equipment, and capital). Productivity
An individual's total earnings from wages, passive enterprises, and investment interest and dividends. Personal Income
A monthly report that measures consumer demand by tracking total non-service receipts from retail businesses. Retail Sales
A project initiated by a business that requires the investment of a large amount of capital. Capital Projects
An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. Stock
A period during which business activity drops significantly. High unemployment rates and deflation often accompany a depression Depression
A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. Bond
A decline in general price levels, often caused by a reduction in the supply of money or credit. Deflation
A predictable long-term pattern of alternating periods of economic growth (recovery) and decline (recession). Business Cycle
A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters Recession
A period in a business cycle following a recession, during which the GDP rises. Recovery
The overall general upward price movement of goods and services in an economy (often caused by an increase in the supply of money). Inflation
Created by: csxgp38-2
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