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57 Cards in this Set
- Front
- Back
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Human Necessities |
goods and services necessary for survival |
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land |
natural resources found on earth |
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labor |
human resources all workers |
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captital |
monetary resources needed to start and operate a buisness |
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entreprenurship |
human skills required to start and run a buisness |
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resources |
materials used to make goods or services |
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time utility |
degree ti which a product or service is available at a necessary or right time |
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Place Utility |
Degree to which a product or service is available at a necessary or right location |
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Form Utility |
Degree to which a product or services is useful or desirable due to its form |
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Economics |
way in which allocates services to produce various commodities and how those consumption |
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Possession Utility |
degree to which a product or service is easy to learn about |
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Utility |
added value marketing adds to product |
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Mixed Economies |
Consumers decide to what is produces through the purchases they make |
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Command Economies |
One person or group makes production desicions |
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Capitalism |
economic system in which business are privately owned |
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Socialism |
Economic system in which there is increased government involvement and more social services in order to obscure standard of living |
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Communism |
Totalitarian government runs all controls of business |
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FES |
economic system which uses the capital approach of encouraging people to start and run businesses
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Competition |
struggle between 2 companies |
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Price Completion |
focuses on sale prices of a product |
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non price competition |
focuses on factors other than price |
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Monopoly |
situation in which a company controls market economy |
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oligopolies |
situation in which a few companies have control over products market |
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risk |
possibility of loss or failure |
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profit |
income of a business after all cost and expenses |
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supply |
amount of a product available in a market |
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demand |
consumers whats something |
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surplus |
occurs when a product is produces in larger than quantaties |
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shortage |
larger quantities than produces |
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equalibrium |
demand same as products |
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gdp |
local outputs products in country |
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rate of inflamation |
measure in change in value or currency |
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cpi |
measure of change in products or consumer goods |
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ppi |
measure of change in prices or wholesale |
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unemployment rate |
measure of unemployment |
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business cycle |
fluctuations in economic activities over time |
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trough |
period of the business cycle |
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Expansion |
period of business cycle economic activity
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peak |
period of business cycle in which economic activity is highest |
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contractions |
decreasing economic activity |
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economic interdependence |
state in which countries depend on other countries for goods |
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imports |
good comming in |
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exports |
goods going out of country |
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absloute advantage |
occurs when a country is able to produce more eff and at a lower cost than others |
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lassies-fair |
government hands of buisnesses
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tariff |
tax on imported goods |
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protective tariff |
tarriff which increases price |
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revenue producing tariff |
tariff which gives revenue to country |
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Quota |
limits the quantity or monetary value of an import |
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embargo |
complete ban on certain products |
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wto |
global coalition among countries headquartered in Geneva |
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nafta |
trade among us, Canada and mexico |
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Human Wants |
Goods and services necessary for survival |
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Competetion |
Struggle between two companies
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Price Competetion |
Focuses on the sale price of a product;assuming other factors are equal and customers will choose based on price |
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Non-price Competition |
focuses on factors other than price,such as quality,reputation,customer service business location,etc |
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Recession |
Period of 2 or more consecutive fiscal quarters of decreasing gdp |
