Ch. 1: Intro to Business & Economics
the customer of a service-based business
What is a client?
the measure of an individual employee's work over an hour, day or week
What is productivity?
this category of laws regulates the buying and investing of other businesses in order to discourage monopolies
What is antitrust?
an organization that exists to serve a public service rather than to generate revenue for the owners
What is a not-for-profit organization?
the quantity of goods that consumers want to purchase
What is demand?
this type of utility changes the shape or abilities of a product to make it more useful
What is form?
the general increase in the rise of prices
What is inflation?
having the legal ability to enter into a binding agreement
What is capacity?
producers that take raw materials from the land
What are extractors?
What are the four functions of business?
What is management, marketing, production and finance?
a measure of the comfort a person has access to through the goods and services available to them
What is standard of living?
a government debt owned by an individual investor, who is paid back his or her investment plus regular interest payments
What is a bond?
illegal action on part of some businesses who overstate the features and benefits of their products in hopes of making more sales
What is false advertising?
a numeric system used to classify businesses and collect economic statistics for each section within it
What is the North American Industry Classification System (NAICS)?
this indicator of inflation measures the prices paid for typical goods and services from month to month
What is the consumer price index (CPI)?
What is land, labor, capital, and entrepreneurship?
the regulation of the supply of money and interest rates as determined by the Fed
What is monetary policy?
promoting the welfare of others
What is philanthropy?
A type of business ownership, where the owner(s) can quickly and easily form and close the business, can make all decisions for how the business is run without consulting other people, and expertise is limited
What is a sole proprietorship?
What is double taxation?
an economic system where resources are privately owned by individual people rather than a government entity
What is capitalism?
a market structure where a large number of businesses sell similar, but slightly different, products
What is monopolistic competition?
this organization protects consumers from products that could pose unreasonable risk of injury or death
What is the Consumer Product Safety Commission (CPSC)?
a document that a business who is trying to make a separate entity from its owners creates, which includes the name of the business, the names of the founders, and the type of business that will be conducted
What is articles of incorporation?
a business that is owned and operated by those using its services
What is a cooperative?