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Ch 1 - 5 Vocabulary Words

Mr. Jacobs

Intro to Business: Spring 08

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2.Contest to win customers
4.Quantity of goods or services customers will buy at a given price
8.Customers are willing to buy more at lower prices
11.Things we must have to survive
12.Items produced with less negative impact on the environment
14.The highest point in the business cycle
16.Anything used to make or obtain needs or wants
19.Not enough--An under supply
20.Acting fairly toward customers, employees, and society as a whole
21.System where most economic resources are owned by individuals
22.Products that can be weighed or measured
24.Inflation rate, unemployment rate, GDP
27.Point where amount supplied equals the amount demanded
28.At higher prices, producers are willing to make more
30.An activity an individual pereforms well
33.Resources that can be regenerated
35.Too much--An over supply
36.A very severe recession
37.How well people are living in a particular country
39.Money, machines, land, buildings
40.Ecomony based on the actions of buyers and sellers
41.Not enough to go around
42.Person who organizes economic resourses
43.Any place where goods and services are bought and sold
1.All activities involved in producing and distributing goods and services
3.Resources that once used, are gone forever
5.National rules for distributing good and services to satisfy the wants of citizens
6.Things that come from the air, water, or earth
7.A drop in the business cycle
9.Reason or incentive to do something
10.A natural talent
13.Amount of money given or asked when goods and services are exchanged
15.Tasks that people or machines perform for money
17.Revenue minus expenses
18.Natural, human, capital, and entrepreneurial resouces
23.Quantity of goods or services businesses will provide at a given price
25.A general rise in prices over time
26.What you give up when you choose one thing over another
29.A group of related occupations that require similar skills
31.Repeated rise and fall of economic activity
32.Human Resources
34.Period of economic growth
38.Things we wish we could have

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