Econ 1
The increase in the quantity of goods and services a nation can produce.
Economic Growth
A new business who has just started would be considered a ____
Start up
A government needs consumer goods and capital goods for the proper _______
Balance
Founder of Apple
Steve Jobs
Founder of Facebook
Mark Zuckerberg
a planned approach for a business owner to sell or transfer their ownership stake in a company,
Exit Strategy
the action or process of interacting with others to exchange information and develop professional or social contacts.
Networking
the total amount of money a business earns from selling its products or services over a set period of time. It's also known as gross income or sales, and is often referred to as the "top line" of a company's income statement.
Revenue
Relies on more human labor than it does on real capital
Labor intensive
a business practice that aims to minimize negative impacts on the environment and society while still achieving long-term growth:
sustainability
Uses more automated equipment than human labor.
Capital intensive
Extensive planning is necessary to control the many economic activities of the nation. This is called ______
Command economies/planned economies
Most governments list low ________ as one of their most important economic goals
unemployment rate
is a business strategy where an entrepreneur starts a company with little to no capital, using their own personal savings and the revenue from early sales:
Bootstrapping
Something that is purchased for personal use
Consumer goods
Goods that firms use to produce consumer goods.
Capital Goods
is a wealthy individual who invests their own money in a startup or small business in exchange for ownership equity or convertible debt
angel investor
a document setting out a business's future objectives and strategies for achieving them.
Business Plan
Command economies are sometimes called what?
Planned Economies
is a short, persuasive presentation that aims to generate interest in a product, service, or business idea.
Business Pitch
The only economic right to which a nation should entitle its citizens is the right to own and use property free of governmental interference.
Libertarian fairness
Business firms are able to increase their production of goods and services because they have more land, labor or financial capital.
Extensive Growth
Assets and Liabilities can also be referred to as
Guns and Butter
this maintains that each person in a nation has a right to a part of that nations wealth simply because he is part of the human race.
Equally distributing the nations pool of wealth to all its citizens regardless of what any individual has contributed to the pool is called?
Economic leveling