EC-070
Any organization that creates or provides goods and services to consumers in exchange for money or profit
what is a business
Physical, tangible objects that you can see, touch, and hold, such as a laptop or a pair of shoes.
What are economic goods
Natural resources found in nature, such as timber, water, land, and oil, used to create goods and services.
what are natural resources?
The social science that studies how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants.
What is economics?
Rivalry between businesses that offer nearly identical products to the same target market, such as McDonald's vs. Burger King.
What is direct competition?
The concept that businesses have a duty to act in ways that benefit society and the environment, not just focus on making money
What is Corporate Social Responsibility
Intangible tasks or activities performed by businesses or individuals to satisfy a customer’s needs, like a haircut or car repair.
What are services?
The physical and mental human effort used to produce goods and services.
What is labor
The economic activity of using up goods and services to satisfy human wants.
What is consumption?
The three primary types of business risk facing a company: natural, human, and???
What is economic risk?
Any individual or group affected by a business’s actions, including customers, employees, suppliers, and community members.
Who are stakeholders?
Products purchased by ultimate consumers for personal, household, or family use.
What are consumer goods?
Man-made tools, equipment, buildings, and technology used in the production of goods and services.
What is capital resources?
The value of the next best alternative given up when making an economic choice.
What is opportunity cost?
A common risk-transfer strategy where a business pays a premium to protect itself from major financial losses.
What is purchasing insurance?
The level of material comfort, wealth, and goods available to a population, which businesses help raise by creating jobs and products.
What is the standard of living?
Goods purchased by companies to manufacture other products or operate their day-to-day business, such as raw steel or machinery.
What are industrial goods
The factor of production represented by an individual who takes the financial risk to combine land, labor, and capital to start a new business.
What is entrepreneurship?
The four core economic activities that make up the continuous economic process.
What are Production, Distribution, Exchange, and Consumption?
A market structure dominated by a small number of large, powerful firms, such as cell phone carriers or automobile manufacturers.
What is an oligopoly?
The ongoing dilemma businesses face when balancing short-term profit maximization against ethical obligations to society and the environment
What is social responsibility vs. profitability
Unlike "free/simple goods" economic goods must possess these two essential characteristics.
What are scarcity and a monetary value/price?
The fundamental economic condition where human wants are unlimited, but economic resources are limited.
What is scarcity?
The rivalry between businesses selling similar products or services to gain market share and customers.
What is competition?
The rivalry between businesses selling similar products or services to gain market share and customers.
What is competition?