chapter 1 terms
things you can see and touch
what is goods
an economic system in which goods are produced the way they always have been produced.
what is Custom based economy
the quantity of a product of service the consumers are willing and able to buy at a particular price
what is Demand
An increase in the general price level.
what is Inflation-
anything offered to the target market to satisfy needs including physical product and service
what is product
the [problem which faces individuals, businesses and government of satisfying unlimited wants and limited resources.
what is Basic economic problem (scarcity):
an economic in which the resources are owned and controlled by the government
what is Directed economy
the quantity of a good an average worker produces in one hour
what is Labor productivity
The GDP divided by the total population of a country
what is GDP per capita
behaviors when directing, motivating, and managing others.
what is Leadership style
people who work for businesses
what is Human resources
The right of the individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction
what is Private enterprise
things that are needed and provided by a community and are equally accessible to everyone
what is Public goods:
A phase of the business cycle in which unemployment begins to decrease,demand for goods and services increases, and GDP begins to rise again.
what is Recovery
the blending of four marketing elements to satisfy a target market
what is marketing mix
things that are necessary for survival, such as food, clothing, and shelter
what is Needs
money left from sales after subtracting the cost of operating the business
what is Profit
a measure of how well people is the country live; the quality and the quantity of wants and need that are satisfied
what is Standard of living:
A period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for several quarters.
what is Recession
the process through which good are bought by the consumer directly from the producer
what is Direct channel of distribution
things that are not necessary for survival but that add comfort and pleasure to our lives
what is wants
Any place where buyers and sellers exchange goods and services for some form of money.
what is Marketplace
the qualities of a product or service that businesses are willing and able to provide that a particular price
what is Supply:
A phase in the business cycle when most people who want to work are
what is Prosperity
the reason to make a purchase
what is Buying motives