Economic Decisions
Economic Systems
Economic Roles
Economic Measurements
Business In Our Economy
100

Things that are necessary for survival 

What are needs?

100

A person’s regular occupation, profession, or trade.

What is business?

100

To make something availiable to someone. 

What is supply?

100

The first of a series of years in an economic or financial index

What is a base year? 

100

The process of designing, engineering, and producing goods based on a customer's unique specifications

What is Custom Manufacturing?

200

Things not necessary for survival but add comfort and pleasure to our lives

What are wants?

200

A financial gain

What is profit?

200

The degree of wealth and material comfort available to a person or community.

What is the standard of living? 

200

Intervals of general expansion followed by recession in economic performance

What is a business cycle?

200

A machine or device used to extract something

What is an extractor? 

300

Things we can see and touch

What are goods?

300

A free and unregulated exchange of goods and services

What is voluntary exchange?

300

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? 

300

A country's economic growth, security, and competitiveness

What is prosperity?

300

The production of large quantities of a standardized article by an automated mechanical process

What is mass production? 

400

Tasks performed by people and equipment to satisfy needs and wants

What are services?

400

Custom-based, directed or controlled, and market

What are the three types of economic systems?

400

Consumer, worker, and citizen.

What are the economic roles? 

400

Prosperity, recession, depression, and recovery

What are the 4 important phases that a business cycle has? 

400

Something that  provides a skilled service, personal labor, or expertise instead of a physical product

What is Service Business? 

500

What does the basic economic problem of scarcity cause?

What causes economic choices to be made by businesses, governments, and individuals?

500

Private enterprise, private property, competition, and freedom of choice

What are the five important features of our market economy?

500

An important factor in advancing our nation's standard of living. 

What is worker productivity?

500

Calculating our gross domestic product, our per capita output, and labor productivity

How do we measure our economic performance?

500

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?