Chapter 4: The Nations Economy
Terms in this set (25)
Things that encourage us to take an action, such as making a purchase
The process of hiring people to work outside of a company.
The amount a company can produce with a certain amount of labor.
New inventions or ways of doing things.
A person or company who makes a good or service to sell to others.
The use of public notices to bring attention to a product or service.
The difference between a business's total sales and the business's total expenses.
Division of Labor
The separation of a work process into a number of different jobs.
What is an example of a need?
A need is something that you must have in order to survive. Ex: food, clothing, water, shelter
Why do entrepreneurs take risks to open businesses?
They believe that their ideas for business can make money.
What is inflation?
When the usual price of many goods and services rises.
Mail delivery is an example of an of a....
How has technology changed communication, or the sharing of ideas and information?
Innovations such as email, texting, face time, etc. have made communication faster and cheaper.
What is the difference between a free market economy and a command economy?
In a FREE MARKET ECOMONY, producers decide which goods and services will be created. In a COMMAND ECONOMY, the government decides.
Give an example of the government providing a public good.
Paying to build a school.
What is the difference between wants and needs?
Wants are something you desire to have:
x-box, computers, iphones, etc
Needs are something you must have to survive:
Clothing, food, water, shelter
How can students increase their chances of finding a job after they finish school?
By continuing to study and learn new skills.
What do most people need in order to provide for their needs and wants?
Give an example of an opportunity cost.
When you have to choose between two items because you cannot afford both.
When the amount of a resource is limited.
What is true of most successful companies?
They create products that have a high demand.
How is bartering different from paying money for a good or service?
Bartering trades one type of good or service for another. NO money is exchanged.
What is inflation?
A rise in the price of needs such as food, shelter, and basic clothing.
When you buy something from a business, what is the goal of the business?
To make a profit
What is a consumer?
A person or company who buys a good or service.
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