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Introduction to Business Quarter 1 Flashcards | StudBud
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Introduction to Business Quarter 1
Introduction to Business Quarter 1
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This is a vocabulary review for Unit 1 of Glencoe Introduction To Business
Flashcards
46 cards
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Practice quiz
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Questions
46
Answers
1
An economic system in which economic decisions are made in the marketplace
market economy
market research
wants
needs
2
The process of recognizing a business opportunity testing and gathering necessary resources
entrepreneurship
needs
services
wants
3
A conflict between self-interest and professional obligation
conflict of interest
conflict of interest
code of ethics
code of ethics
4
The total amount of money a government owes
national debt
gross domestic product
budget deficit
budget surplus
5
Rules based on moral principles about how businesses and employees ught to conduct themselves
business ethics
sweatshop
labor resources
services
6
economic activity slows down
prosperity
recession
recession
prosperity
7
Items that people can use to make or obrain what they need or want.
needs
resources
services
wants
8
The amount or quantity of goods and services that consumers are willing to buy at various price
price
economy
supply
demand
9
When the government spends more on programs than it collects
budget
national debt
budget surplus
budget deficit
10
An individual who undertakes the creation, organization, and ownership of a business
labor resources
services
market research
entrepreneur
11
The contests between businesses to win customers
services
competition
wants
profit
12
An economy that contains both private and public enterprises
mixed economy
economic systems
market economy
command economy
13
Physical products
services
wants
goods
needs
14
A general increase in the price of goods and services
deflation
inflation
standard of living
gross domestic product
15
A duty to do what is best for the good of society
services
business ethics
social responsibility
code of ethics
16
Things used to produce goods and services such as buildings, materials, and equipment
factors of production
capital resources
labor resources
natural resources
17
The point at which the quantity demanded and the quantity supplied meet
equilibrium price
price
demand
supply
18
Who will win the game tonight
GHS
GHS
GHS
GHS
19
Set of guidelines for maintaining ethics in a workplace
ethics
business ethics
code of ethics
conflict of interest
20
Level of material comfort as measured by the goods and services that are available
GDP
deflation
standard of living
inflation
21
The amount of money given or asked for when goods and services are bought or sold
supply
demand
goods
price
22
Methods societies use to distribute resources
market research
economic systems
labor resources
capital resources
23
Money left over after a business has paid the cost of providing its goods and services
profit
wants
resources
services
24
All the economic resources necessary to produce a society's goods and services
needs
market research
Factors of production
scarcity
25
A study of how individuals and groups of individuals strive to satisfy their needs and wants
wants
market research
economics
entrepreneurship
26
A shop/factory where workers are employed for long hours, low wage & under unhealthy conditions
conflict of interest
services
code of ethics
sweatshop
27
The people who make the goods and services for which they are paid
natural resources
factors of production
capital resources
labor resources
28
Used by the people who recognize opportunities and start businesses
natural resources
entrepreneurial resources
labor resources
capital resources
29
An economic system in which a central authority makes the key economic decisions
mixed economy
command economy
economic systems
market research
30
One of the most important indicators of the status of an economy
Gross Domestic Product
GDP
supply and demand
standard of living
31
A rise in business activity after a recession or depression
recovery
depression
recession
business cycle
32
The act of gathering & analyzing info about wants needs and preferences of consumers in markets
profit
services
market research
consumer
33
Things that you do not have to have to survive but would like to have
goods
services
needs
wants
34
The lack of resources
wants
services
scarcity
needs
35
A deep recession that affects the entire economy and lasts for several years.
depression
recovery
prosperity
recession
36
When a government revenue exceeds its expenditures
national debt
gross domestic product
budget surplus
budget deficit
37
Raw materials from nature that are used to produce goods
scarcity
factors of production
natural resources
market research
38
Things that you must have in order to survive
goods
wants
needs
services
39
Tasks that businesses perform for consumers
services
goods
needs
wants
40
Any commercial activity that seeks profit by providing goods & services in exchange for money
profit
business
wants
goods
41
Person who uses goods or services
goods
services
consumer
market research
42
The amount of goods and services that producers will provide at various prices
supply
goods
services
demand
43
moral principles by which people conduct them selves personally, socially or professional
gross domestic product
services
goods0
ethics
44
Peak of the economic activity
gross domestic product
recession
prosperity
depression
45
A general decrease in the price of goods and services
inflation
deflation
standard of living
gross domestic product
46
The rise and fall of economic activity over time
market research
economy
gross domestic product
business cycle
