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