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Principles of business Flashcards | StudBud
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Principles of business
Principles of business
15 terms
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StudBud Administration
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30 plays
To review basic comprehension of Economic Decisions and Systems
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What are wants?
activities provided for the satisfaction
things that are required in order to live
They make your life easier and more comfortable
the things that add comfort and pleasure to your life
2
Human Resources
are natural resources
equipment designed by engineers
produce goods and services
increased consumer spending
3
Capital Resources?
Increased consumer spending
Things available to be used to produce goods and services
People must have access to tools and equipment
People produce goods and services
4
What is an Command Economy?
Resources are controlled by the people
operated by traditions and customs
Economic Freedom
The resources are controlled by the government
5
What are goods?
Things that you can see and touch
People who produce goods and services
Things available to be used to produce goods and services
things that provide satisfaction of others
6
What are Natural Resources?
Increased consumption
Raw materials
Produce goods and servies
An entrepreneur
7
What are needs?
Things that are required in order to live
Economic status and lifestyle of your family
things you can see and touch
Things that add comfort
8
What is Capitalism?
Make decisions independently
Traditional use of goods and services
Refers to the private ownership of economic resources
Combines elements of the command and market place
9
What is Scarcity?
choosing which needs and wants will be satisfied
Spending money on someting else
means not having enough resources
the value of the next best alternative
10
What is an Opportunity Cost?
The value of the next best alternative
Spending your money on something else.
Deciding how to spend your money
Means not having enough resources
11
What is a mixed economy?
Combines elements of the command and market economies
To dispose of things of value
The private ownership of economic
Making an economic decision independently
12
What is an economic system?
The method a country uses to answer consumer wants
A method a country use to make decisions in different ways
The resources are owned and controlled by government
The resources are owned and controlled by the people
13
What would you consider Services?
You may feel you cant live without it
They make life eaiser
things required to live
Activities provided for the satisfaction
14
What are Economic Resources?
the production of goods and service
Raw materials supplied by nature
The people who produce goods and services
things available to be used to produce goods and services
15
What is Demand?
A price point where supply and demand are equal
The quantity of a good or service that businesses provide
The quality of good or service consumers are willing to buy
Goods and services other people want
