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Study sets matching "chapter 1 principles business"

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Study sets matching "chapter 1 principles business"

32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
26 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Command economy
Competition
needs and wants are unlimited but resources are limited.
products, money and tools needed to produce goods and services.
an economy in which resources are owned and controlled by the…
the rivalry among businesses to sell their goods and services.
Basic economic problem
needs and wants are unlimited but resources are limited.
Capital resources
products, money and tools needed to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
35 terms
Principles of Business Chapter 1
What is the difference between needs a…
What determines needs and wants?
When can a need ever become a want?
Whats the difference between goods and…
Needs are things that are essential and are required in order…
The country you live in, your economic status, and your job.
When you have the money and the choices.
Goods are things you can see and touch (products you can purc…
What is the difference between needs a…
Needs are things that are essential and are required in order…
What determines needs and wants?
The country you live in, your economic status, and your job.
20 terms
Cengage Principles of Business- Chapter 1
Capitalism
Command Economy
Consumer
Demand
Private ownership of resources by individuals rather than by…
Economy in which resources are owned and controlled by the go…
Person who buys and uses goods and services.
Quantity of a good or service that consumers are willing and…
Capitalism
Private ownership of resources by individuals rather than by…
Command Economy
Economy in which resources are owned and controlled by the go…
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
19 terms
Business Principles (Chapter 1)
Scarity
Economic Decision-Making
Trade-Off
Opportunity Cost
not having enough resources to satisfy every need.
the process of choosing which needs and wants will be satisfi…
when you give up something to have something new.... (trade)
the value of the next-best alternative that you were not able…
Scarity
not having enough resources to satisfy every need.
Economic Decision-Making
the process of choosing which needs and wants will be satisfi…
26 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Command economy
Competition
needs and wants are unlimited but resources are limited.
products, money and tools needed to produce goods and services.
an economy in which resources are owned and controlled by the…
the rivalry among businesses to sell their goods and services.
Basic economic problem
needs and wants are unlimited but resources are limited.
Capital resources
products, money and tools needed to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
30 terms
Principles of Business, Chapter 1
Capital resources
Command economy
Competition
Competitors
products and money used to produce goods and services.
an economy in which resources are owned and controlled by the…
the rivalry among businesses to sell their goods and services.
businesses offering very similar products to the same custome…
Capital resources
products and money used to produce goods and services.
Command economy
an economy in which resources are owned and controlled by the…
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
33 terms
Principles of Business Chapter 1
Needs
Wants
Goods
Services
Are things required to live.
Are things that add comfort and pleasure to our lives.
Things you can see/touch.
Activities provided for the satisfaction of others that are c…
Needs
Are things required to live.
Wants
Are things that add comfort and pleasure to our lives.
25 terms
Chapter 1 Principles of Business
capital resources
economic resources
entrepreneur
factors of reproduction
products and money used to produce goods and services
things available to be used to produce goods
someone who takes a risk in starting a business to earn a pro…
economic resources, including natural resources, human resour…
capital resources
products and money used to produce goods and services
economic resources
things available to be used to produce goods
32 terms
Chapter 1 Principles of Business
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
48 terms
Principles of Business: Chapter 1
Free Enterprise
Cultural Diversity
Business
Profit
The system of business in which individuals are free to decid…
Differences among people in a workforce owing to race, ethnic…
The organized effort of individuals to produce and sell, for…
What remains after all business expenses have been deducted f…
Free Enterprise
The system of business in which individuals are free to decid…
Cultural Diversity
Differences among people in a workforce owing to race, ethnic…
19 terms
principles of business chapter 1
Needs
Goods
Services
Economic Resources
Thing that are required in order to live
Things that you can see and touch
activates provided for the satisfaction of others that are co…
The things available to be used to produce goods and services
Needs
Thing that are required in order to live
Goods
Things that you can see and touch
71 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
25 terms
Principles of Business- Chapter 1
basic economic problem
capital resources
economic decision making
economic resources
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services
the process of choosing which needs and wants will be satisfied
things available to be used to produce goods and services
basic economic problem
the mismatch of unlimited wants and needs and limited economi…
capital resources
products and money used to produce goods and services
28 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
30 terms
Chapter 1 (Business Principles)
goods
services
business
entrepreneur
Tangible products such as computers, food, clothing, cars and…
Intangible products (that can't be held in your hand) like ed…
Any activity that seeks to provide goods and services to othe…
A person who risks time and money to start and manage a busin…
goods
Tangible products such as computers, food, clothing, cars and…
services
Intangible products (that can't be held in your hand) like ed…
9 terms
Principles of Business Vocab. Chapter 1
Wants
Needs
Goods
Services
Things we wish we could have, as opposed to needs.
Necessary wants, such as food, water, shelter, and clothing.
Material things that can be physically weighed or measured.
Tasks that people or machines perform.
Wants
Things we wish we could have, as opposed to needs.
Needs
Necessary wants, such as food, water, shelter, and clothing.
9 terms
Business Principles, Chapter 1
Economic Decision Making
Producers
Economic System
Capital Resources
Process of choosing which needs and wants will be satisfied
Individuals and organizations that determine what products an…
The method a country uses to answer the 3 economic questions
Things available to be used to produce goods and services
Economic Decision Making
Process of choosing which needs and wants will be satisfied
Producers
Individuals and organizations that determine what products an…
26 terms
Principles of Business- Chapter 1 Vocabulary
Capital Resources
Economic Resources
Entrepreneurs
Factors of Production
Products and money used to make goods and services
Things available to be used to produce goods and services
Someone who takes a risk in starting business to earn a profit
Economic resources, including natural resources, human resour…
Capital Resources
Products and money used to make goods and services
Economic Resources
Things available to be used to produce goods and services
21 terms
Chapter 1: Principles of Business
Business
production
marketing
finance
an organization that produces or distributes a good or servic…
involves making a product or providing a service
includes the activities between business and customers involv…
deals with all of the money matters involved in running a bus…
Business
an organization that produces or distributes a good or servic…
production
involves making a product or providing a service
18 terms
Principles of Business Chapter 1
scarcity
economics
efficiency
equity
limited resources and unlimited wants
the study of how society manages its scarce resources
the property of society getting the most from its scarce reso…
the property of distributing economic prosperity fairly among…
scarcity
limited resources and unlimited wants
economics
the study of how society manages its scarce resources
36 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
34 terms
principles of business chapter 1
needs
wants
goods
services
things that are required
things add comfort and pleasure to your life
things you can see and touch
are activities provided for he satisfaction of others that ar…
needs
things that are required
wants
things add comfort and pleasure to your life
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles Of Business Chapter 1
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic Economic Problem
the mismatch of unlimited wants and needs and limited economi…
Capital Resources
products and money used to produce goods and services.
32 terms
Chapter 1 Principles of Business
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Chapter 1 Principles of business
Basic economic porblem
Capaital resources
Capaitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to goods and services
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic porblem
the mismatch of unlimited wants and needs and limited economi…
Capaital resources
products and money used to goods and services
10 terms
Principles of Business- Chapter 1
Capital Resources
Economic Resources
Entreprenuer
Factors of production
products and money used to produce goods and services
things available to be used to produce goods and services
someone who takes a risk in starting a business to earn a pro…
economic resources, including natural resources, human resour…
Capital Resources
products and money used to produce goods and services
Economic Resources
things available to be used to produce goods and services
34 terms
Principles of business chapter 1
Needs
Wants
Goods
Services
things that are required
things that add comfort and pleasure to your life
things that you can see and touch
are activities provided for the satisfaction of others that a…
Needs
things that are required
Wants
things that add comfort and pleasure to your life
34 terms
Principles of Business Chapter 1
Needs
Wants
Goods
Services
things that are required in order to live
things that comfort and pleasure your life
things you see and touch
activities provided for the satisfaction of others that are c…
Needs
things that are required in order to live
Wants
things that comfort and pleasure your life
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
34 terms
Principles of Business chapter 1
Needs
Wants
Goods
Services
are things required in order to live.
are things that add comfort and pleasure to your life.
are things that you can see and touch.
are activities provided for the satisfaction of others that a…
Needs
are things required in order to live.
Wants
are things that add comfort and pleasure to your life.
32 terms
Principles of business Chapter 1
Needs
Wants
Goods
Services
things that are required in order to live such as food, water…
things that add comfort and pleasure to your life.
things that you can see and touch.
activities provided for the satisfaction of others that are c…
Needs
things that are required in order to live such as food, water…
Wants
things that add comfort and pleasure to your life.
34 terms
Principles of Business Chapter 1
Needs
Wants
Goods
Services
cannot avoid or help doing something
have a desire to possess or do (something); wish for.
that which is morally right; righteousness.
an act of helpful activity; help; aid
Needs
cannot avoid or help doing something
Wants
have a desire to possess or do (something); wish for.
Principles of Business Chapter 1
needs
wants
goods
services
those things required to live such as food, clothing, and she…
things that add comfort and pleasure to our lives such as tel…
physical products
activities that are consumed at the same time they are produced
needs
those things required to live such as food, clothing, and she…
wants
things that add comfort and pleasure to our lives such as tel…
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