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Get faster at matching terms Basic vocabulary for chapter 1 Terms in this set (46)Goods Things you can see and touch Services Activities that are consumed the same time they are produced needs things that are required in order to live economic system Nations plan for awnsering the three economic questions command economy resources are owned and controlled by the goverment market economy resources are owned and controlled by the people of the country Traditional economy goods and services are produced the way it has always been done mixed economy combines elements of command and market economies Capitalism the private ownership of resources by individuals, rather than by the goverment consumer a person who buys and uses goods and services producers individuals and organizations that determine what products and services will be available for sale Demand the quantity of a good or service that consumers are willing and able to buy supply the quantity of a good or service that businesses are willing and able to provide Market Price the point where supply and demand are equal competiton the rivalry among businesses to sell thier goods and services Gross domestic product(GDP) the total dollar value of all final goods and services produced in a country during one year GDP per capita another way to measure economic growth unemployment rate the number of people in the workforce that are unemployed productivity the production output in relation to a unit of input personal income reffering to salaries and wages as well as investment income and goverment payments to individuals Retail sales the sales of durable and non durable goods bought by consumers business cycle the movement of the economy from one condition to another and back again prosperity a period in which most people who want to work are working,wages are good,and GDP growth increases Reccession a period in which demand begins to decrease,businesses lower production,unemployment begins to rise,and GDP growths slows for two or more quarters of the calendar year Depression a phase marked by a prolonged period of high unemployment Recovery the phase in which unemployment begins to decrease,demand for goods and services increases, and GDP begins to rise again inflation an increase in the general level of prices price index a number that compares prices in one year with some ealier base year. deflation a decrease in the general level of prices Capital projects invole spending by businesses for items such as land,builing,equipment,and new products Stock represents ownership in a corporation
Bond represents debt for an organization Budget surplus When a goverment spends less than it takes in Budget deficit a goverment may spend more than it takes in National Debt the total amount owed by the federal goverment Imports items bought from another country Exports goods and services sold to other countries balance of payments the difference between the amount of money that comes into a country and the amount that goes out Exchange rate the value of a currenct in one country compared with the value in another infrastructure refers to a nations transportation,communication,and utility systems Trade barrier restrictions to free trade quota a set limit on the quantity of a product that may be imported or exported within a given period Tariff a tax that the goverment places on certain imported products embargo To stop the export or import of a product completely multinational company an orginization that does business inseveral countries joint venture an agreement between two or more companies to share a business project Sets found in the same folderBusiness Vocabulary50 terms dhutchings The Top 100 Most Important Words in Business Engli…100 terms businessenglishclass JLPT 2 Kanji740 terms Project36 Business Vocabulary Words24 terms cayla_burton Other sets by this creatorChapter 17 Key Terms13 terms Cicada Chapter 20 key terms18 terms Cicada Chapter 1024 terms Cicada Chapter 9 key terms13 terms Cicada Other Quizlet setsFinal176 terms Ryleighm588 MCB2000 Final Exam Review lecture50 terms kayleesuperman AP Psychology Chapter 1: Thinking Critically with…30 terms brittneyshiue1 ch 2 Econ terms25 terms popovertha What individuals and organizations that determine what products and services will be available for sale?Consumers are individuals and organizations that determine what products and services will be available for sale. Economic resources are the means through which goods and services are produced.
What term refers to the amount of a product or service that businesses are willing and able to provide?Supply. Refers to the quantity of a good or service that businesses are willing and able to provide. Supply Curve. For a product illustrates the relationship between the price of the product and the quantity businesses will supply.
Can both individuals and organizations can be producers?Both individuals and organizations can be producers. The main reason businesses sell a product or service is.. to satisfy people's wants and needs.
What are businesses offering very similar products to the same customers called?Definition: Indirect competition, also known as substitutes, is when two or more businesses offer different products or services and compete for the same market to satisfy the same customer need.
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Individuals and organizations that determine what products and services will be available for sale
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