CCV Intro to Business Unit 1 Spring 2024

Products’ prices rise because people have money to buy.

First described by Karl Marx as a society where people without regard to class, own all the nation’s resources.

Market structure consisting of few competitors owning the market.

Rivalry among businesses selling similar products with the goal of achieving revenues, profits, and market share growth.

Number of units (Q) businesses are willing to sell at different prices, at a specific moment.

Business A offers bedroom appliances, Business B offers laundry appliances to the same target market. They are:

Used to measure how much a citizen earns and spends.

Gasoline, salt, sugar, dairies, bread, are products that create:

What we constantly hear from business managers.

Farmers, Ranchers, and Other Agricultural Managers:

Fewer businesses than in a Pure Competition. Differences among goods/services offered by these businesses are small.

Style a country manages and distributes its resources (Capitalism, Socialism, Communism).

Condition in which the government of a country spends more money than what it gets out from taxes.

Products needing a lot of shopping (browsing) before buying, generate the following demand:

Discipline which studies Social Economic Systems and how they distribute their resources to make products.

Rival businesses offering same products to same target markets.

When Supply and Demand curves intersect.

Funds used to acquire natural and human resources needed to produce and distribute products.

Formula: C + G + I + (E – M)

Means that the economy hits its minimum rate.

Index which represents the country's yearly level of output (wealth).

Phases of the Economic Cycle.

The US sharing technology with México.

Good reputation, businesses' identity, trademark, brand.

Physical and mental abilities people utilize to produce goods and services.