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BUS 101 - Quarterly Exam
Terms in this set (59)
A financial and social system of how resources flow through society, from production, to distribution, to consumption.
the study of the choices people, companies, and governments make in allocating society's resources
The study of a country's overall economic dynamics, such as the employment rate, the gross domestic product, and taxation policies.
the study of smaller economic units such as individual consumers, families, and individual businesses
Government efforts to influence the economy through taxation and spending
overage that occurs when revenue is higher than expenses over a given period of time
Shortfall that occurs when expenses are higher than revenue over a given period of time
The sum of all the money that the federal government has borrowed over the years and not yet repaid.
Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
the total amount of money within the overall economy
Federal Deposit Insurance Corporation (FDIC)
A federal agency that insures deposits in banks and thrift institutions for up to $250,000 per customer, per bank.
a structure for allocating limited resources
An economic system—also known as the private enterprise or free market system—based on private ownership, economic freedom, and fair competition.
A market structure with many competitors selling virtually identical products. Barriers to entry are quite low. (Almost doesn't exist)
A market structure with many competitors selling differentiated products. Barriers to entry are low. (Largest competition)
A market structure with only a handful of competitors selling products that can be similar of different. Barriers to entry are typically high. (Few sellers. Lots of buyers.)
A market structure with one producer completely dominating the industry, leaving no room for any significant competitors. Barriers to entry tend to be virtually insurmountable. (mostly government based)
natural monopoly (Competition)
A market structure with one company as the supplier of a product because the nature of that product makes a single supplier more efficient than multiple, competing ones. Most natural monopolies are government sanctioned and regulated.
The quantity of products that producers are willing to offer for sale at different market prices.
the graphed relationship between price and quantity from a supplier standpoint
The quantity of products that consumers are willing to buy at different market prices.
the graphed relationship between price and quantity from a consumer demand standpoint
Equilibrium price (point)
the price associated with the point at which the quantity demanded of a product equals the quantity supplied. (range)
an economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare. (Planned economies)
An economic and political system that calls for public ownership of virtually all enterprises, under the direction of a strong central government. (Planned economies)
Economies that embody elements of both planned and market-based economic systems.
The process of converting government-owned businesses to private ownership.
Gross Domestic Product (GDP)
the total value of all final goods and services produced within a nation's physical boundaries over a given period of time
the portion of people in the labor force over age 16 who do not have jobs and are actively seeking employment
The periodic contraction and expansion that occur over time in virtually every economy.
An economic downturn marked by a decrease in the GDP for two consecutive quarters.
An especially deep and long-lasting recession.
a period of rising economic growth and employment
a period of robust economic growth and high employment
a period of rising average prices across the economy
An average monthly inflation rate of more than 50 percent.
Consumer Price Index (CPI)
A measure of inflation that evaluates the change in the weighted-average price of goods and services that the average consumer buys each month.
the basic relationship between the production of goods and services (output) and the resources needed to produce them (input) calculated via the following equation: output/input = productivity
any organization or activity that provides goods and services in an effort to earn a profit
the money that a business earns in sales (or revenue), minus expenses, such as the cost of goods and the cost of salaries. Revenue - Expenses = Profit (or Loss)
when a business incurs expenses that are greater than its revenue
people who risk their time, money, and other resources to start and manage a business
?standard of living
the quality and quantity of goods and services available to a population
quality of life
the overall sense of well-being experienced by either an individual or a group
business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain (same as businesses)
factors of production
land, labor, capital, entrepreneurship, knowledge, and technology
the rate at which a new product moves from conception to commercialization
World Wide Web
The service that allows computer users to easily access and share information on the Internet in the form of text, graphics, video, apps, and animation.
business transactions conducted online, typically via the internet
The measurable characteristics of a population. Demographic factors include population size and density, as well as specific traits such as age, gender, and race.
an international economic and political movement designed to help goods and services flow more freely across international boundaries
General Agreement on Tariffs and Trade (GATT)
An international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide.
a set of beliefs about right and wrong, good and bad
universal ethical standards
ethical norms that apply to all people across a broad spectrum of situations (no such thing)
the application of right and wrong, good and bad, in a business setting
a decision that involves a conflict of values; every potential course of action has some significant negative consequences
the obligation of a business to contribute to society (Someone decided what you are doing is not good enough)
any groups that have a stake - or a personal interest - in the performance and actions of an organization
planned obsolescence (Mid-term)
the strategy of deliberately designing products to fail in order to shorten the time between purchases
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