chapter 1
economic system in which economic resources are privately owned by individual
What is capitalism?
GPD (Gross domestic product)
What is the market value of all final products produced in a country during a specific time period?
Culture
What are the shared beliefs, customs, practices, and social behavior of a particular group?
A goal
human resources
employees who work for a business or corporation
supply and demand
What is the term of when the price of a product is determined by the supply of the product and how many customers are purchasing the product?
deflation
What is the general decline in prices throughout the economy?
international trade
Trade throughout the world
Policy
A guideline of how company decisions are made both with employees and customers
Job description
What will happen, will be expected from you, or a position of a job
mixed economy
What type of economy makes it to where both the government and individuals make decisions about economic resources.
interest
What is the amount a borrower pays to a lender for a loan?
Exports
A product being shipped out instead of brought in
management
Controlling or making decisions about a business
compensation
payment to an employee for work performed including wages or salaries
Market economy
What type of economy allows individuals to make their own economic decisions?
Interest rate
What represents the cost of a loan and is expressed as a percent of the amount borrowed?
quota
recruiting, hiring, and training employees
Wage
Payment for work; usually hourly, daily or weekly.
profit
What is the difference between the income earned of a business and expenses?
productivity
What is a measure of a worker's production in a specific amount of time, such as an hour, a day, or a week?
embargo
A trade restriction with a certain country
Interpersonal skills
Skills that help people communicate and work well with each other.
Piecework
A wage that is based on how much work is completed rather than time.