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Ch 1 - 5 Vocabulary Words

Mr. Jacobs

Intro to Business: Spring 08

Profit Customers are willing to buy more at lower prices
Demand Person who organizes economic resourses
Market A group of related occupations that require similar skills
NonRenewableResources Acting fairly toward customers, employees, and society as a whole
Surplus Anything used to make or obtain needs or wants
CareerCluster What you give up when you choose one thing over another
Services Tasks that people or machines perform for money
Capital Items produced with less negative impact on the environment
EconomicIndicators Ecomony based on the actions of buyers and sellers
Entrepreneur A very severe recession
Recovery Amount of money given or asked when goods and services are exchanged
EconomicSystem How well people are living in a particular country
EqualibriumPrice Quantity of goods or services customers will buy at a given price
FactorsOfProduction Any place where goods and services are bought and sold
SocialResponsibility System where most economic resources are owned by individuals
Private Enterprise All activities involved in producing and distributing goods and services
Depression Period of economic growth
Resource A drop in the business cycle
Supply Resources that once used, are gone forever
Shortage Point where amount supplied equals the amount demanded
Aptitude Repeated rise and fall of economic activity
MarketEconomy Revenue minus expenses
Prosperity Things that come from the air, water, or earth
Ability Natural, human, capital, and entrepreneurial resouces
GreenProducts Not enough--An under supply
Goods Contest to win customers
Price Things we wish we could have
OpportunityCost The highest point in the business cycle
BusinessCycle Products that can be weighed or measured
Inflation Money, machines, land, buildings
LawofDemand Not enough to go around
Motivation Resources that can be regenerated
Labor At higher prices, producers are willing to make more
Needs Human Resources
LawofSupply Too much--An over supply
Wants Quantity of goods or services businesses will provide at a given price
Recession An activity an individual pereforms well
NaturalResources A natural talent
RenewableResources National rules for distributing good and services to satisfy the wants of citizens
StandardOfLiving A general rise in prices over time
Competition Inflation rate, unemployment rate, GDP
Scarcity Reason or incentive to do something
Business Things we must have to survive

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