Vocab and Econ Factors
The physical and mental talents of employees used in creating goods and services is this Factor of Production.
What is Labor?
Innklass Studiman pays close attention when the teacher defines the study of human population statistics like age, gender, race, and location. He is studying this part of the external business Environment.
What is demographics?
Winslow the Golden Retriever is studying how a society allocates limited/scarce resources to produce and distribute goods. He is studying this.
What is economics?
This measures the total market value of final goods/services produced within a nation in a year
What is GDP?
According to the Law of Demand, when the price of Winslow's favorite dog treat goes UP, the quantity demanded will do this
What is decrease / go down?
Innklass Studiman buys custom wooden tennis ball launchers for his dogs. He sells them. What does his business focus on? Goods, or services.
What are goods?
This part of the external business Environment includes inflation, interest rates, unemployment rates, taxes, and supply and demand
What is economic influences?
Innklass Studiman knows that an economy where the central government owns virtually all businesses is called this.
What is communist?
Two consecutive quarters when real GDP declines in an economy is called this
What is a recession?
According to the Law of Supply, when the market price for frisbees goes UP, manufacturers will want to do this to their quantity supplied
Total human happiness based on life expectancy, education, health, and leisure time
What is Quality of Life?
This part of the external business Environment includes people’s attitudes, values, ethics, and lifestyles, and supposedly can be difficult to predict.
What are social factors?
This system guarantees the right to own private property, right to compete, right to make a profit, and make choices
What is capitalism?
When inflation rises faster than average household incomes, this happens to the amount of consumer purchasing power
What is a decrease?
Innklass Studiman aced the question about thousands of small sellers offering identical agricultural products with no single firm controlling prices. this market structure is perhaps either an oligopoly or perfect competition.
What is perfect competition?
The measure of how many goods and services a person, or nation, can buy with the money they have
What is standard of living?
The application of science and engineering skills and knowledge to solve production and organizational problems
What is technology?
Basic industries like utilities and healthcare are often owned by the government, while small retail businesses remain privately owned, in this economic system.
What is socialism?
Decisions regarding federal government spending and taxation levels are known as this
What is fiscal policy?
An industry dominated by just a few very large powerful firms (such as wireless cell carriers or major commercial airlines) is this type of market structure, perhaps a monopoly or oligopoly.
What is an oligopoly?
This Factor of Production is Tools, Machinery, Equipment, and buildings used in production.
What is Capital?
There are 3 components to this aspect of the external business Environment, the amount of government activity, the types of laws it passes, the general political stability of a government
What are political and legal influences?
Countries like Canada, Great Britain, and Sweden operate under a blend of private enterprise and government control known as this. Many countries do.
What is a mixed economy?
This policy controlled by the Fed can be contractionary or expansionary, and involves interest rates and the money supply
What is monetary policy?
Innklass Studiman helped his friends Buster and Bella set up lawn-mowing businesses. Buster collected $325 from customers and spent $110 on fuel. Bella collected $240 from customers and spent $85 on supplies. This was Buster and Bella's Combined Revenue, and their profit
What is $565 and $370?