What is the desire to work hard & be creative to earn a higher profit called?
100
Consumer, Worker, Citizen
What are the 3 roles that all people share?
100
Total dollar value of all final goods & services produced in a country during 1 year.
What is GDP?
100
when a large number of identical products are assembled using a continuous, efficient procedure
What is mass production?
200
Things that you can see & touch.
What is a good?
200
A nation's plan for answering the key economic questions.
What is an economic system?
200
Supply
What is the quantity of a product or service that businesses are willing & able to provide at a particular price?
200
The year chosen to compare an item, such as price, to any other year.
What is a base year?
200
A business that is involved with moving goods from producers to consumers
What is a marketer?
300
the basic economic problem
What is the conflict between unlimited wants & limited resources referred to as?
300
What goods & services are to be produced?
How should the goods & services be produced?
For whom should the goods & services be produced?
What are the 3 economic questions?
300
If this is high, then its price will tend to go up
What is demand?
300
GDP/total population = ____________
What is GDP per capita?
300
To determine whether a business is making or losing money, to provide information for management decisions, & to supply data for a variety of government reports.
What is the importance of keeping records for businesses?
400
Natural Resources, Human Resources, & Capital Resources
What are the 3 economic resources (Factors of Production)?
400
The type of economy that the United States has
What is a market economy?
400
Refers to the quantity of a good that an average worker can produce in an hour
What is labor productivity?
400
1. What consumers spend for food, clothing, & housing
2. What businesses spend for buildings, equipment, & supplies
3. What government agencies spend to pay employees & to buy supplies
What are the 3 major categories under GDP?
400
The 4 kinds of businesses
What are extractors, manufacturers, marketers, & service businesses?
500
Decision Making Process Steps
What are define the problem, identify the choices, evaluate the advantages & disadvantages, choose, act on your choice, & review your decision?
500
Another name for the economic system in the United States.
What is capitalism?
500
In this role, you pay taxes.
What is your citizen role?
500
4 Stages of the Business Cycle
What is prosperity, recession, depression, & recovery?
500
To recruit, interview workers, train, appraise job performances, & requires a knowledge of laws & regulations