front 1 sustainability | back 1 meeting the needs of the present without compromising the ability of future generations to meet their own needs |
front 2 social media | back 2 the online interaction that allows people and businesses to communicate and share ideas, personal information, and informations about products or services. |
front 3 service economy | back 3 an economy in which more effort is devoted to the production of services than to the production of goods |
front 4 e-business | back 4 the organized effort of individuals to produce and sell through the internet, for a profit, the products and services that satisfy society's needs |
front 5 specialization | back 5 the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals |
front 6 factory system | back 6 a system of manufacturing in which all the materials, machinery, and workers require to manufacture a product are assembled in one place |
front 7 domestic system | back 7 a method of manufacturing in which an entrepreneur distributes raw materials to various homes, where families process them into finished goods to be offered for sale by the merchant entrepreneur |
front 8 barter | back 8 a system of exchange in which goods or services are traded directly for other goods or services without using money |
front 9 standard of living | back 9 a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services. |
front 10 natural monopoly | back 10 an industry requiring huge investments in capital and within which any duplication of facilities would be wasteful and thus not in the public interest. |
front 11 monopoly | back 11 a market or industry with only one seller, and there are other barriers oto keep other firms from entering the industry. |
front 12 oligopoly | back 12 a market or industry in which there are few sellers |
front 13 product differentiation | back 13 the process of developing and promoting differences between one's products and all competitive products. |
front 14 market price | back 14 the price at which the quantity demanded is exactly equal to the quantity supplied. (refer to figure 1.7) |
front 15 demand | back 15 the quantity of a product that buyers are willing to purchase at each of various prices |
front 16 supply | back 16 the quantity of a product that producers are willing to sell at each of various prices |
front 17 perfect (pure) compeition | back 17 the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product |
front 18 competition | back 18 rivalry among businesses for sales to potential customers |
front 19 National debt | back 19 the total of all federal deficits |
front 20 Fiscal policy | back 20 government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending |
front 21 monetary policies | back 21 Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates |
front 22 depression | back 22 a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession |
front 23 recession | back 23 two or more consecutive three-month periods of decline in a country's GDP |
front 24 business cycle | back 24 the recurrence of periods of growth and recession in a nation's economic activity |
front 25 producer price index (PPI) | back 25 an index that measures prices that producers receive for their finished goods |
front 26 consumer price index (CPI) | back 26 a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area |
front 27 unemployment rate | back 27 the percentage of a nation's labor force unemployed at any time |
front 28 deflation | back 28 a general decrease in the level of prices |
front 29 inflation | back 29 a general rise in the level of prices |
front 30 Gross Domestic Product | back 30 the total dollar value of all goods and services produced by all people within the boundaries of a country during a one year period. |
front 31 productivity | back 31 the average level of output per worker per hour |
front 32 command economy | back 32 an economic system in which the government decides what goods and services will be produced, how they will be, for whom will they, and who owns and controls the major factors of production |
front 33 consumer products | back 33 goods and services purchased by individuals for personal consumption |
front 34 mixed economy | back 34 an economy that exhibits elements of both capitalism and socialism |
front 35 Market economy | back 35 an economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices |
front 36 Invisible hand | back 36 a term created by Adam Smith to describe how an individual's personal gain benefits others and a nation's economy |
front 37 Capitalism | back 37 derived from Adam Smith, an economic system in which individuals own and operate the majority of businesses that provide goods and services |
front 38 Entrepreneur | back 38 a person who risks time, effort, and money to start and operate a business |
front 39 What are the four factors of production? | back 39 CELL! Capital, Entrepreneurship, Land, Labor |
front 40 factors of production | back 40 resources used to produce goods and services |
front 41 economy | back 41 the way in which people deal with the creation and distribution of wealth |
front 42 macroeconomics | back 42 the study of the national economy and the global economy |
front 43 microeconomics | back 43 the study of the decisions made by individuals and businesses |
front 44 Economics | back 44 the study of how wealth is created and distributed |
front 45 Stakeholders | back 45 all the different people or groups of people who are affected by the policies and decisions made by an organization |
front 46 Profit | back 46 what remains after all business expenses have been deducted from sales revenue |
front 47 Business | back 47 the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs |
front 48 Managers must be able to perform five basic management functions? | back 48 planning, organizing, leading, motivating, and controlling |
front 49 Cultural Diversity (workplace) | back 49 differences among people in a workforce owing to race, ethnicity, and gender |
front 50 Free Enterprise | back 50 The system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it |