Goods, Services, Needs, and Wants
What is the term for physical items that can be bought or sold?
The term for physical items bought or sold is GOODS
What is the term for money earned, typically from work?
WORK
What measures the general rise in the price level of goods and services?
Inflation
What does the HDI measure about a country?
Development based on health, education, and income
What is a newly established business that focuses on growth and solving unique problems?
Start up
What are actions or tasks performed by one person for another?
Actions&Tasks performed by one person for another person is called SERVICES.
What do we call money spent on bills, rent, or other costs?
Outgoings
What happens when prices rise because demand is greater than supply?
Demand-pull Inflation
Which component of the HDI measures the average years of schooling for adults?
Eduaction Index
What is the process of identifying, assessing, and managing potential risks in a business?
Risk Analysis
What are essential items or services required for survival?
Essential items or services are called NEEDS
Who is a person that starts and manages a business, taking on financial risks?
Entrepreneur
What occurs when prices rise due to increased costs for businesses to produce items?
Cost-Push Inflation
What aspect of HDI focuses on the standard of living?
Income or Gross National Income per capita.
What term refers to the unfair differences in wealth and opportunities?
Inequality
hat do we call non-essential items that people desire but are not necessary for survival?
They are called WANTS.
What describes making unplanned purchases driven by emotions or desires?
Impulse Spending
What is the term for how much you can buy with your money, which decreases when prices rise?
Purchasing Power
How does HDI differ from measuring a country’s development purely by GDP?
It includes social factors like health and education.
What are the long-term benefits for a company that invests in sustainability?
Over time, it improves cost efficiency, decreases reliance on resources, conforms to regulatory requirements, and fosters brand loyalty.
What is the process of planning how to spend and save money?
the process of planning how to spend and save money is called BUDGETING.
Explain how an entrepreneur balances risk and reward in their decision-making.
They assess potential profits against the possibility of failure or loss to make informed decisions.
How can inflation impact savings and investments?
Over time, inflation devalues money, reducing savings' purchasing power and necessitating investments that exceed inflation in order to maintain their worth.
Analyze why HDI might not reflect the full development of a country.
It ignores elements that impact long-term development, such as environmental sustainability, cultural diversity, and inequality.
How can businesses implement sustainable practices without harming profitability?
By investing in efficient technology, reducing waste, and aligning sustainability goals with consumer demand for eco-friendly products.