Study sets matching "term:business = economic system in which goods and services are exchanged for one another or money on the basis of their perceived worth"

Study sets
Classes
Users

Study sets matching "term:business = economic system in which goods and services are exchanged for one another or money on the basis of their perceived worth"

14 terms
Unit 2: Microeconomics, Lesson 1(Goods, Services, and Money)STND11
MICROECONOMICS
BUSINESSES
HOUSEHOLDS
CIRCULAR FLOW
The study of all of the small parts of an economy is known as…
__________ produce goods and services.
____________are groups of people that live together and purch…
__________is the measure of how businesses and households use…
MICROECONOMICS
The study of all of the small parts of an economy is known as…
BUSINESSES
__________ produce goods and services.
32 terms
Economics Chapter 10 Money and Banking
money
medium of exchange
barter
unit of account
anything that serves as a medium of exchange, a unit of accou…
anything that is used to determine value during the exchange…
To exchange goods or services without the use of money
a means for comparing the values of goods and services
money
anything that serves as a medium of exchange, a unit of accou…
medium of exchange
anything that is used to determine value during the exchange…
87 terms
Business Economics Chapters 1 - 3
Authoritarian
Benefits
Business Cycle
Capital
describing a form of government that limits individual freedo…
goods and services provided for free or at greatly reduced pr…
a period of macroeconomic expansion, or growth, followed by o…
any human-made resource that is used to produce other goods a…
Authoritarian
describing a form of government that limits individual freedo…
Benefits
goods and services provided for free or at greatly reduced pr…
Economics
Economy
Economic Development
Production
Producers
The careful use or management of resources such as money, mat…
Depends on the production, distribution, and consumption of g…
The making of goods.
Owners and workers.
Economy
The careful use or management of resources such as money, mat…
Economic Development
Depends on the production, distribution, and consumption of g…
24 terms
ESC Year 7 Economics and Business
barter
consumer
economics
employer
to exchange goods and services for other good and services wi…
A person that uses a product or service
The study of how a society allocates scarce resources and goods
A person or firm that employs workers
barter
to exchange goods and services for other good and services wi…
consumer
A person that uses a product or service
26 terms
Principles of Business obj 1.01
Mixed economy
Entrepreneurial resources
Opportunity cost
Competitors
Combines elements of the command and market economies
The initiative to combine natural, human, and capital resources
Value of the next-best alternative that is forgone to produce…
Businesses that offer the same goods to the same customers... 1…
Mixed economy
Combines elements of the command and market economies
Entrepreneurial resources
The initiative to combine natural, human, and capital resources
111 terms
Economics Unit 4: Money, Money, Money: Vocabulary
angel investors
Assets
auction market
balance sheet
wealthy investors who provide funds for startups
things of value that a person or business owns
a stock market in which buyers and sellers enter competitive…
the statement of a person's or business's financial position…
angel investors
wealthy investors who provide funds for startups
Assets
things of value that a person or business owns
83 terms
Economics - Domain 1 Economics Fundamentals
economics
scarcity
trade-offs
opportunity costs
1. the study of how individuals and nations make choices abou…
a situation in which unlimited wants exceed the limited resou…
giving up one thing in favor of another
the highest-valued alternative that must be forgone when a ch…
economics
1. the study of how individuals and nations make choices abou…
scarcity
a situation in which unlimited wants exceed the limited resou…
54 terms
Economics
Account
Bank
Barter
Budget
A record of money deposited or withdrawn from a bank.
A business that provides money services, such as cashing chec…
To trade goods and services without using money.
A plan showing how income is to be spent.
Account
A record of money deposited or withdrawn from a bank.
Bank
A business that provides money services, such as cashing chec…
28 terms
Year 7 Economics and Business
barter
consumer
economics
employer
To exchange goods and services for other good and services wi…
A person that uses a product or service
The study of how a society allocates scarce resources and goods
A person or firm that employs workers
barter
To exchange goods and services for other good and services wi…
consumer
A person that uses a product or service
Money and Banking
money
medium of exchange
barter
unit of account
anything that serves as a medium of exchange, a unit of accou…
anything that is used to determine value during the exchange…
the direct exchange of one set of goods or services for another
a means for comparing the values of goods and services
money
anything that serves as a medium of exchange, a unit of accou…
medium of exchange
anything that is used to determine value during the exchange…
15 terms
Economics Vocabulary
Barter
Command Economy
Competition
Embargo
trading goods for goods without the use of money
economic systems where the government determines how goods ar…
rivalry among businesses to sell the most goods for the most…
trade barrier in which nations refuse to trade with other nat…
Barter
trading goods for goods without the use of money
Command Economy
economic systems where the government determines how goods ar…
16 terms
Economics
consumers
currency
entrepreneur
exports
people who purchase goods and services
coins and bills used to purchase goods and services
someone who opens their own business
goods made in another country and shipped to your country to…
consumers
people who purchase goods and services
currency
coins and bills used to purchase goods and services
24 terms
Economics
Economics
Goods
Services
Resources
The study of how things are made, bought, sold and used
Anything that can be manufactured or grown
Something done for other in exchange for money
Anything used to produce a good or a service
Economics
The study of how things are made, bought, sold and used
Goods
Anything that can be manufactured or grown
34 terms
Economics
Any item that can be traded for goods…
Anything that has value that can be to…
Job done for money
When there is too much money and it be…
Money
Goods
Services
Inflation
Any item that can be traded for goods…
Money
Anything that has value that can be to…
Goods
304 terms
Introduction to Business
Business
What are the four resources a business…
What do manufacturing businesses do?
What do service businesses do?
The organized effort of individuals to produce and sell, for…
Human resources, material resources, informational resources,…
They process various materials.
They provide services.... Ex: Haircuts, legal advice, tax prepa…
Business
The organized effort of individuals to produce and sell, for…
What are the four resources a business…
Human resources, material resources, informational resources,…
83 terms
Economics - Unit 1 Economics Fundamentals
economics
scarcity
trade-offs
opportunity costs
1. the study of how individuals and nations make choices abou…
a situation in which unlimited wants exceed the limited resou…
giving up one thing in favor of another
the highest-valued alternative that must be forgone when a ch…
economics
1. the study of how individuals and nations make choices abou…
scarcity
a situation in which unlimited wants exceed the limited resou…
Unit 1 Economics Review (1-4, 10)
Scarcity
Factors of production
Opportunity cost
Natural Resources
Lack of resources. Limited resources for satisfying unlimited…
all the economic resources needed to produce a society's good…
if we decide to use our resources (i.e. money) on one thing,…
raw materials from nature used to produce goods.
Scarcity
Lack of resources. Limited resources for satisfying unlimited…
Factors of production
all the economic resources needed to produce a society's good…
27 terms
Goods and Services - Economics - L10
Consumer Goods and Services
Consumers
Convenience Products
Economic Goods
Products produced for personal consumption
People who use goods and services to satisfy their wants
Consumer goods and services purchased quickly and without muc…
Physical objects that are useful, scarce, and transferable an…
Consumer Goods and Services
Products produced for personal consumption
Consumers
People who use goods and services to satisfy their wants
Chapter 2 Economic Systems and Factors of Production Vocabulary
Scarcity
Factors of production
Opportunity cost
Natural Resources
Lack of resources. Limited resources for satisfying unlimited…
all the economic resources needed to produce a society's good…
if we decide to use our resources (i.e. money) on one thing,…
raw materials from nature used to produce goods.
Scarcity
Lack of resources. Limited resources for satisfying unlimited…
Factors of production
all the economic resources needed to produce a society's good…
43 terms
Money
barter
cash card/gift card
cashless society
check
To exchange goods or services without the use of money
any card that you can insert into an ATM or other cash dispen…
a society in which all bills and debits are paid by electroni…
a written order directing a bank to pay money to the person n…
barter
To exchange goods or services without the use of money
cash card/gift card
any card that you can insert into an ATM or other cash dispen…
30 terms
Prentice Hall Economics Chapter 2
Key Economic Questions
Economic system
Profit
Safety net
-What goods and services should be produced?... -How should thes…
the method used by a society to produce and distribute goods…
the amount of money a business receives in excess of its expe…
government programs that protect people experiencing unfavora…
Key Economic Questions
-What goods and services should be produced?... -How should thes…
Economic system
the method used by a society to produce and distribute goods…
8 terms
CHAPTER 2 ECONOMIC SYSTEMS
Economic system
Traditional system
Market system
Consumer
The way that a country or culture produces and distributes go…
An economic system based on past ways of life and culture.
An economic system in which individuals, not the government,…
A person who buys goods and services.
Economic system
The way that a country or culture produces and distributes go…
Traditional system
An economic system based on past ways of life and culture.
15 terms
o factors of production-The resources people have for producing goods and services to satisfy their wants o capital- Anything produced in an economy that is saved to be used to produce other goods and services o consumption-The act of buying or using good
factors of production
capital
consumption
opportunity cost
The resources people have for producing goods and services to…
Anything produced in an economy that is saved to be used to p…
The act of buying or using goods or services
The benefit given up when scarce resources are used for one p…
factors of production
The resources people have for producing goods and services to…
capital
Anything produced in an economy that is saved to be used to p…
15 terms
Unit 2 SW Asia Economic Terms 2a (Gantt)
Bartering
Capital Goods (Physical Capital)
Capitalism
Command Economy
a system in which goods and services are exchanged instead of…
the factories, machines, and technology that people use to ma…
an economic system in which the means of production and distr…
an economy in which a government planning group makes most of…
Bartering
a system in which goods and services are exchanged instead of…
Capital Goods (Physical Capital)
the factories, machines, and technology that people use to ma…
29 terms
Chapter 2: Economic Systems
economic system
factor payment
profit
safety net
the structure of methods and principles that a society uses t…
the income people receive in return for supplying factors of…
A financial gain, esp. the difference between the amount earn…
government programs that protect people experiencing unfavora…
economic system
the structure of methods and principles that a society uses t…
factor payment
the income people receive in return for supplying factors of…
Economic system a system of production and exchange of goods and services as well as allocation of resources in a society. traditional economy The original economic system in which beliefs, traditions, and customs shape the goods a
Economic system
traditional economy
command economy
market
a system of production and exchange of goods and services as…
The original economic system in which beliefs, traditions, an…
economy in which production, investment, prices, and incomes…
a group of buyers and sellers where the buyers determine the…
Economic system
a system of production and exchange of goods and services as…
traditional economy
The original economic system in which beliefs, traditions, an…
26 terms
Principles of Business obj 1.01
Mixed economy
Entrepreneurial resources
Opportunity cost
Competitors
Combines elements of the command and market economies
The initiative to combine natural, human, and capital resources
Value of the next-best alternative that is forgone to produce…
Businesses that offer the same goods to the same customers... 11…
Mixed economy
Combines elements of the command and market economies
Entrepreneurial resources
The initiative to combine natural, human, and capital resources
49 terms
Chapter 1: Exploring the World of Business and Economics
barter
business
business cycle
capitalism
a system of exchange in which goods or services are traded di…
the organized effort of individuals to produce and sell, for…
the recurrence of periods of growth and recession in a nation…
an economic system in which individuals own and operate the m…
barter
a system of exchange in which goods or services are traded di…
business
the organized effort of individuals to produce and sell, for…
10 terms
Chapter 1 Section 4: Economics and other Social Sciences
economics
consumer
cash economy
free enterprise system
the study of how people manage limited resources to satisfy t…
a person who uses goods and services
economy in which people exchange money for goods and services
economic system in which businesses are owned by private citi…
economics
the study of how people manage limited resources to satisfy t…
consumer
a person who uses goods and services
22 terms
Chapter 2: Economic Systems
tradition
traditional economy
rural areas
Command economy
something passed down from one group to another
it does things as they are done in the past; custom and tradi…
places away from the city
is an economy which government leaders give the answers to th…
tradition
something passed down from one group to another
traditional economy
it does things as they are done in the past; custom and tradi…
17 terms
Economics- Chapter 10- Money and Banking
money
medium of exchange
barter
standard of value
is anything that people will accept in exchange for goods and…
is a means through which goods and services can be exchanged.
is the exchange of goods and services without using money.
determines the economic worth in the exchange process.
money
is anything that people will accept in exchange for goods and…
medium of exchange
is a means through which goods and services can be exchanged.
32 terms
Chapter 10 Money and Banking (Economics)
Money
Medium of Exchange
Barter
Unit of Account
Anything that serves as a medium of exchange, a unit of accou…
Anything that is used to determine value during the exchange…
The direct exchange of one set of goods or services for anoth…
A means for comparing the values of goods and services.
Money
Anything that serves as a medium of exchange, a unit of accou…
Medium of Exchange
Anything that is used to determine value during the exchange…
Principles of Business & Finance 1.01
Mixed economy
Opportunity Cost
Competitors
Producers
Combines elements of the command and market economies
Value of the next-best alternative that is forgone to produce…
Businesses that offer the same goods to the same customers
Individuals and organizations that determine which goods and…
Mixed economy
Combines elements of the command and market economies
Opportunity Cost
Value of the next-best alternative that is forgone to produce…
Microeconomics
producer
consumer
sole proprietorship
partnership
in economics, the business or individual that provides goods…
in economics, the business or individuals that buy goods and…
a business in which one owner holds all liability and control…
a business in which two or more owners share liability and re…
producer
in economics, the business or individual that provides goods…
consumer
in economics, the business or individuals that buy goods and…
26 terms
Money and Banking: Ch 10
money
medium of exchange
barter
unit of account
anything that serves as a medium of exchange, a unit of accou…
anything that is used to determine value during the exchange…
the direct exchange, without money, of one set of goods or se…
a means for comparing the values of goods and services
money
anything that serves as a medium of exchange, a unit of accou…
medium of exchange
anything that is used to determine value during the exchange…
106 terms
Economics Theme 1 Edexcel
Economics
Economic Goods
Short Run
Long Run
The study of the allocation of scarce resources.
Resources that are scarce.
A time period where at least one factor of production is fixed.
A time period where all factors of production are variable.
Economics
The study of the allocation of scarce resources.
Economic Goods
Resources that are scarce.
13 terms
Economics Vocabulary
Resources
Economics
Trade
Goods
all things used in making goods and services
The way people and countries make decisions to meet their nee…
the activity or process of buying, selling, or exchanging goo…
Physical objects such as clothes or shoes that are made from…
Resources
all things used in making goods and services
Economics
The way people and countries make decisions to meet their nee…
61 terms
Economics Final Review
Scarcity
Factors of Production
Production Possibilities Curve
Mixed market economy
A situation in which unlimited wants exceed the limited resou…
Land, Labor, Capital, Entrepreneurship
a curve showing the different combinations of two goods or se…
economic system that combines both private ownership and gove…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Factors of Production
Land, Labor, Capital, Entrepreneurship
Economic Networks and Resource Distribution
Economics
Scarce goods
Supply
Demand
the social science that deals with making choices about using…
items that are limited in number yet are in demand.
what goods and services are available
what goods and services consumers are buying
Economics
the social science that deals with making choices about using…
Scarce goods
items that are limited in number yet are in demand.
25 terms
Fundamentals of Economics- Key Terms
Wants
Needs
Scarcity
Incentives
Desires that can be satisfied by consuming a good or service
things that are required in order to live
A situation in which unlimited wants exceed the limited resou…
A positive or negative rewards that encourage economic behavi…
Wants
Desires that can be satisfied by consuming a good or service
Needs
things that are required in order to live
17 terms
Chapter 2 Economic Resources and Systems Vocab Review
Scarcity
Factors of production
Natural resources
Labor resources
Shortage of resources
All economic resources necessary to produce a society's goods…
Raw materials from natures used to produce goods
Individuals who make the goods and services for which they ar…
Scarcity
Shortage of resources
Factors of production
All economic resources necessary to produce a society's goods…
Principles of Business - Project 1 Briefing 3.5
Economic System
Economic Resources
Markets
Participants of markets
An _______________________is the organized way in which a cou…
Natural resources, human resources, and capital resources are…
The arrangements for buying and selling goods and services. E…
Producers (make or provide goods and services), consumers (pu…
Economic System
An _______________________is the organized way in which a cou…
Economic Resources
Natural resources, human resources, and capital resources are…
Unit 1 Econ
Opportunity Cost
Land
Capital Goods
Traditional Economy
The value of the alternative option that is lost when an indi…
Factor of production that includes not only property but also…
Finished goods that are used to make other goods or to provid…
Economic system in which the three basic economic questions (…
Opportunity Cost
The value of the alternative option that is lost when an indi…
Land
Factor of production that includes not only property but also…
21 terms
AP Economics: Chapter 2 - The Market System and Circular Flow
Economic System
Command System
Market System
Private Property
A particular set of institutional arrangements and a coordina…
An economic system in which government owns most property res…
Capitalism; characterized by the private ownership of resourc…
Private ownership of captial
Economic System
A particular set of institutional arrangements and a coordina…
Command System
An economic system in which government owns most property res…
13 terms
Chapter 2: Economic Systems
business
capitalism
free enterprise system
competition
An establishment or enterprise that supplies goods and servic…
an economic system based on private ownership and on the inve…
Another name for the freedom of the individual to choose what…
Rivalry
business
An establishment or enterprise that supplies goods and servic…
capitalism
an economic system based on private ownership and on the inve…
14 terms
Economic Systems
economic systems
traditional economy
command economy
market economy
How a country or region handles the production and consumptio…
An economy in which production is based on customs and tradit…
A system where economic decision are made by a central govern…
Economic decisions are made by individuals or the open market.
economic systems
How a country or region handles the production and consumptio…
traditional economy
An economy in which production is based on customs and tradit…
Ch. 2 - Economic Resources and Systems
Scarcity
Factors of production
Natural resources
Renewable resources
the lack of resources
the economic resources necessary to produce a society's goods…
raw materials from nature used to produce goods
can be reproduced (breeding cattle, growing wheat)
Scarcity
the lack of resources
Factors of production
the economic resources necessary to produce a society's goods…
30 terms
Unit 1 Key Terms: "For the Good of the Colony," or Gold, God, and Glory, and the Settlement of the 13 Colonies (1492-1754)
era
primary source
nation
trade
historic period identified by some prominent figure or charac…
original document, artifact, picture, journal, cartoon from t…
country with borders and an organized government which freely…
exchange of goods and services
era
historic period identified by some prominent figure or charac…
primary source
original document, artifact, picture, journal, cartoon from t…
Economics Terms
Supply
Demand
Equilibrium
Principle of Diminishing Marginal Util…
the total amount of a specific good or service that is availa…
a consumer's desire and willingness to pay a price for a spec…
occurs when market supply and demand balance each other.
a law of economics stating that as a person increases consump…
Supply
the total amount of a specific good or service that is availa…
Demand
a consumer's desire and willingness to pay a price for a spec…
1 of 10