Business, Economics, and Technology: Key Concepts for Students

Business

A business is an organization that provides goods or services to earn a profit.

Product

A product is a good or service offered to customers.

Profit

Money left after expenses are paid.

Nonprofit Organizations

Organizations that use revenue to support a cause instead of earning profit for owners.

Stakeholders

People affected by a business's decisions, including employees, customers, investors, and suppliers.

Economics

The study of how people use limited resources to satisfy unlimited wants.

Economic System

The way a country organizes the production and distribution of goods and services.

Natural Resources

Raw materials from nature used to produce goods and services.

Human Resources(Labor)

The workers who produce goods and services.

Financial Resources (Capital)

Money used to start, operate, and grow a business.

Entrepreneur

A person who starts and runs a business while taking financial risks.

Communism

An economic system where the government owns and controls resources and production.

Socialism

An economic system where the government controls major industries while some private ownership exists.

Capitalism (Free Enterprise)

An economic system where individuals own businesses and compete for profit with limited government involvement.

Free-Market System

An economy where businesses operate mainly through supply and demand with little government control.

Mixed Economies

Economic systems that combine private business with government involvement.

Open Economy

An economy that trades goods and services with other countries.

Demand

The amount of a product consumers are willing and able to buy at different prices.

Supply

The amount of a product producers are willing and able to sell at different prices.

Equilibrium Price

The price at which supply equals demand.

Competition Rivalry

among businesses to attract customers and increase sales.

Pure Competition

A market structure with many sellers offering nearly identical products.

Monopolistic Competition

A market structure where many businesses sell similar but slightly different products.

Oligopoly

A market structure controlled by a few large businesses.

Monopoly

A market structure where one business controls the entire market.

Economic Expansion

A period when the economy is growing and business activity increases.

Economic Contraction

A period when the economy slows down and business activity decreases.

Recession

A significant decline in economic activity lasting several months.

Depression

A severe and long-lasting recession with high unemployment and low spending.

Inflation

A rise in prices that reduces purchasing power.

Unemployment

The condition of people who are willing to work but cannot find jobs.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country in a year.

Budget Deficit

When government spending is greater than government revenue.

Standard of Living

The quality of life based on wealth, comfort, goods, and services available to people.

Technology Tools

, systems, and knowledge used to improve productivity and efficiency.

Artificial Intelligence

(AI) Technology that allows computers to perform tasks requiring human intelligence.

Big Data

Extremely large sets of information analyzed to identify patterns and trends.

Blockchain

A secure digital system used to record transactions across many computers.

Drones

Unmanned aircraft controlled remotely or automatically for tasks like delivery or photography