Wants, Needs & Business Activities
What is identify the situation?
A lack of resources.
What is scarcity?
A central authority makes the key economic decisions.
What is a command economy?
A general increase in the price of goods and services.
What is inflation?
Where workers are employed for long hours, low pay and in unhealthly conditions.
What is a sweatshop?
The main motive of a business.
What is to make a profit?
Natural, labor, capital and entrepreneurial resources.
What are the 4 factors of production?
Determined by supply and demand.
What is the cost/price of an item?
GDP
What is gross domestic product?
Personal, Social and Professional.
What are the 3 types of ethics.
Satisfied by local, state and federal governments.
What are public wants?
The process of recognizing a business opportunity, testing it and gathering resources.
What is entrepreneurship?
The point at which the quantity demanded and supplied meet.
What is equilibrium price?
The number of people able and willing to work.
What is the unemployment rate?
Protects consumers from dangerous products.
What is the FDA?
Items people can use to make or obtain what they need and want.
What are resources?
Buildings, medical supplies and tractors.
What are types of capital resources?
Private enterprise, free enterprise or capitalism.
What is another name for a market economy?
The government’s revenue exceeds its expenditures.
What is a budget surplus?
Requires men and women to be paid the same for doing equal work.
What is the Equal Pay Act?
The 5th and final step in the decision making process.
What is evaluate your decision?
Skilled, unskilled, physical or intellectual.
What are types of labor resources?
What should be produced, how should it be produced, and who should share in what is produced.
What are the 3 basic economic questions?
Prosperity, Recession, Depression, Recovery.
What are the 4 stages of the business cycle?
In 1970, the organization created to control pollution.
What is the EPA?