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Flashcards do conjunto (39)
- 1Economic SystemThe method used by a society to produce and distribute goods and services.
- 2Market EconomyAn economic system where decisions about production, price and other economic factors are all determined by the law of supply and demand.
- 3Command EconomyAn economic system in which the central government, instead of the free market, answers the three economic questions.
- 4Mixed EconomyAn economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
- 5MarketMeeting place or mechanism allowing buyers and sellers of an economic product to come together.
- 6CompetitionThe struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.
- 7Capitalismeconomic system in which individuals are allowed to own the means of production & maximize profits
- 8Capitalall human-made resources used to produce goods & services; requires land & labor
- 9Entrepreneuran individual with the drive & ambition to combine land, labor and capital resources to produce goods or services; willing to risk losses & failure
- 10Capitalistan individual who owns capital and puts it to productive use
- 11Inflationcontinuous rise in the price of goods & services
- 12Deflationcontinuous drop in the price of goods & services
- 13Gross Domestic Producttotal dollar value of all goods and services produced in a country during a single year
- 14Scarcitylimited amounts of goods and services available to meet unlimited wants
- 15Tradebuying, selling or exchange of goods & services; people are better off
- 16Opportunity Costwhatever must be given up to obtain something else
- 17Business cycleexpansion & contraction (boom & bust) of the economy
- 18Supplyamount of goods and services available for sale
- 19Demandamount of goods & services consumers are willing and able to buy
- 20Equilibrium priceThe point at which supply and demand curves intersect on a schedule of supply and demand
- 21trade surplusthe amount by which the value of a country's exports exceeds the cost of its imports
- 22SurplusAn amount of something left over when requirements have been met; an excess of production or supply over demand
- 23Prime rateThe lowest rate of interest at which money may be borrowed commercially
- 24NAFTA: The North American Free Trade AgreementTreaty that allows free trade between the United States, Canada, and Mexico
- 25MonopolyThe exclusive possession or control of the supply or trade in a commodity or service
- 26trade barriersare measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterized as it
- 27trade agreementsis a wide ranging tax, tariff and trade treaty that often includes investment guarantees
- 28Labor forcepersons classified as unemployed or employed
- 29statuteslaws enacted by state legislatures or federal legislatures
- 30equitybasic fairness
- 31interestthe money paid by a borrower for the use of borrowed money
- 32debtan amount of money that you owe to a person, bank, company, etc.
- 33limited liabilityWhen owners are not personally liable for claims against their firm. May lose investment but personal assets are protected.
- 34Stockholderan owner of a corporation
- 35Creditorpeople the business owes e.g: suppliers, bank
- 36Managersomeone who organizes and galvanizes staff into implementing the strategies needed to achieve the business objective
- 37Trade offswhat you have to give up in order to get what you want the most
- 38Capital spendingspending on non-current assets- those assets used repeatedly in the production process such as building
- 39Wholesalera business the buys in bulk and sells on in bulk or smaller quantities
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- FlashCards sobre Sem título, criado por Mya Jones em 06-03-2018.
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