Intro to Business - Unit 1 Economic Environment

People who operate farms, factories, manage banks, process food, police the streets

Relationship between the amount of g/s that consumers are willing/able to buy and the price

The 1st step in the decision making process

The satisfaction and enjoyment that you get from your life

The amount of money left over from sales after subtracting all of the expenses of operations

Money is a type of capital resource

Govt's in market economies enact laws to help assure that competition exists in marketplaces

Buying of goods and services by consumers in the marketplace

Paying taxes to fund community parks and street lights

Rivalry among businesses to sell their products and services to consumers

High point of business cycle, low unemployment, high production, high demand

Things you can see and touch

Things you must have to survive

Factories, tractors, road equipment, computers, delivery trucks, display cases

Which is not a key economic question

Economic system where government owns businesses and controls economy; citizens have little say

The last step in the decision making process

Earning wages at your job delivering pizzas

Cyclical movement of the economy from one phase to another

What does a ban on a monopoly regulate

Decisions about production and distribution are made by voluntary exchange in the marketplace

Satisfy needs and wants through the efforts of people or equipment

Relationship between the amount of a g/s that businesses are willing & able to provide & price

Slowing of economy, demand decreases, production decreases, unemployment increases, GDP down

Keeping informed about issues and the candidates and then voting responsibly in elections

Economic resources are privately owned by individuals

The measurement of the number of items produced per worker 

Unemployment decreases, demand increases, GDP rises again

Resources are unlimited

Based on voluntary exchange in the market, provide answers to the question of what to produce

Sustained increase in the general level of prices for goods and services

Economic system where progress is very slow, found in developing countries, poor people

Which is a characteristic of a market economy

Another name for economic resources

Point where supply and demand meet

Basic economic problem of limited resources

The 3rd step in the decision making process

Prolonged unemployment, weak sales, business failures

Which is not one of your economic roles in society

Consumers have an effect on supply and demand

Materials that come from the earth, water, or air

Total dollar value of goods and services produced by a  country in a year

Individuals right to own a business, select a market to enter, and produce with limited gov't

Refers to the way you live as measured by the kind and quantity of goods/service you can afford

You can own, use, and dispose of things of value

How many steps are in the decision making process

Provided by the government for the benefit and enjoyment of all

Competition encourages business owners to improve their p/s and come up with new ideas

The means through which goods and services are produced