Intro to Business Chapter 1

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a science that examines how goods and services are produced, sold, and used

economics

the willingness and ability to start a new business

entrepreneurship

the economic resources a nation uses to make goods and supply services for its population

factors of production

a business function that includes all business activities that involve money is

finance

There are ________ steps in the systematic decision making process

five

products are commonly known as ______________

goods and services

the work performed by people in organizations

labor

In a __________________ economy, individuals are free to make their own economic decisions

market

anywhere a business exchange takes place

market

economy where both government and individuals make the decisions about economic resources

mixed economy

a ________________ is something a person must have to survive

need

utility describes the characteristics of a product that satisfy _____________

needs and wants

The value of the next best option that is not selected is ________________________

opportunity cost

_______________ utility is added when products are available at convenient places

place

money that a business has left over after all the expenses and costs of running the business are paid

profit

when demand is higher than the available resources

scarcity

an action or task that is performed, usually for a fee

service

The level of material comfort as measured by the goods and services that are available

standard of living

the price of product is determined by the law of ________________________

supply and demand

the market price for a product is determined at a point where ________________________

supply equals demand

When demand for a product becomes greater than available supply, a __________________ develops

surplus

the process of choosing an option after evaluating the available information and weighing the cost and benefits of the alternatives

systematic decision making

a ______________ is when something is given up in order to gain something else

trade off

economy where economic decisions are based in the society's values, culture, and customs

traditional Economy

the characteristics of a product that satisfy wants and needs

utility

term for all activities involved in developing and exchanging products

Business

Entrepreneurs take risks to start and run _____________________

Businesses

___________________is all of the tools, equipment, and machinery used to produce goods and services

Capital

which of the following is NOT a function of business A. Capitalism B. Finance C. Marketing D. Production

Capitalism

anything that can be bought or sold; includes goods and services

Product

What are the important economic question related to scarcity that every nation must answer

What should we produce? How should we produce it? For whom should we produce it?

products businesses use to produce final products for consumers

capital goods

an economic system where the economic resources are privately owned by individuals rather than the government

capitalism

the government makes all the economic decisions for its citizens in a __________________ economy

command

the driving force in choosing to start a business is __________________

competition

an individual or group that buys products is called a

consumer

an individual or group who buys products

customer

Money earned in exchange for work are

wages


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