Economic Decisions
Things that are necessary for survival
What are needs?
A person’s regular occupation, profession, or trade.
What is business?
To make something availiable to someone.
What is supply?
The first of a series of years in an economic or financial index
What is a base year?
The process of designing, engineering, and producing goods based on a customer's unique specifications
What is Custom Manufacturing?
Things not necessary for survival but add comfort and pleasure to our lives
What are wants?
A financial gain
What is profit?
The degree of wealth and material comfort available to a person or community.
What is the standard of living?
Intervals of general expansion followed by recession in economic performance
What is a business cycle?
A machine or device used to extract something
What is an extractor?
Things we can see and touch
What are goods?
A free and unregulated exchange of goods and services
What is voluntary exchange?
The measure of economic performance that compares the amount of output with the amount of labor used to produce that output
What is labor productivity?
A country's economic growth, security, and competitiveness
What is prosperity?
The production of large quantities of a standardized article by an automated mechanical process
What is mass production?
Tasks performed by people and equipment to satisfy needs and wants
What are services?
Custom-based, directed or controlled, and market
What are the three types of economic systems?
Consumer, worker, and citizen.
What are the economic roles?
Prosperity, recession, depression, and recovery
What are the 4 important phases that a business cycle has?
Something that provides a skilled service, personal labor, or expertise instead of a physical product
What is Service Business?
What does the basic economic problem of scarcity cause?
What causes economic choices to be made by businesses, governments, and individuals?
Private enterprise, private property, competition, and freedom of choice
What are the five important features of our market economy?
An important factor in advancing our nation's standard of living.
What is worker productivity?
Calculating our gross domestic product, our per capita output, and labor productivity
How do we measure our economic performance?
Generating new ideas, raising capital, buying goods and services, using human resources, producing goods and services, marketing goods and services, and keeping records.
What must business perform?