chapter 1 terms
chapter 2 terms
chapter 3 terms
chapter 4
chapter 8
100

 things you can see and touch


what is goods

100

an economic system in which goods are produced the way they always have been produced.

what is Custom based economy 

100

the quantity of a product of service the consumers are willing and able to buy at a particular price



what is Demand

100

 An increase in the general price level.

 what is Inflation-

100

anything offered to the target market to satisfy needs including physical product and service


what is product

200

the [problem which faces individuals, businesses and government of satisfying unlimited wants and limited resources.


what is Basic economic problem (scarcity):

200

an economic in which the resources are owned and controlled by the government



what is Directed economy

200

the quantity of a good an average worker produces in one hour

what is Labor productivity

200

The GDP divided by the total population of a country

what is GDP  per capita 


200

behaviors when directing, motivating, and managing others.

what is Leadership style

300

people who work for businesses

what is Human resources 

300

The right of the individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction

what is Private enterprise


300

things that are needed and provided by a community and are equally accessible to everyone

what is Public goods:

300

 A phase of the business cycle in which unemployment begins to decrease,demand for goods and services increases, and GDP begins to rise again.

what is  Recovery

300

the blending of four marketing elements to satisfy  a target market


what is marketing mix

400

things that are necessary for survival, such as food, clothing, and shelter

what is Needs 

400

money left from sales after subtracting the cost of operating the business

what is Profit

400

a measure of how well people is the country live; the quality and the quantity of wants and need that are satisfied

what is Standard of living:

400

A period where demand begins to decrease, businesses lower production of  goods and services, unemployment begins to rise, and GDP growth slows for several quarters.

what is Recession

400

the process through which good are bought by the consumer directly from the producer

what is Direct channel of distribution

500

things that are not necessary for survival but that add comfort and pleasure to our lives


what is wants

500

Any place where buyers and sellers exchange goods and services for some form of money.

what is Marketplace

500

 the qualities of a product or service that businesses are willing  and able to provide that a particular price

what is Supply:

500

A phase in the business cycle when most people who want to work are

what is  Prosperity

500

 the reason to make a purchase

what is Buying motives

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