Intro to Business Unit 1

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21 Terms

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producers*

individuals and organizations that determine what products and services will be available for sale*

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Mixed Economy*

combines elements of command and market economy*

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marketprice*

the point where supply and demand are equal*

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entrepreneur*

risk takers who use resources in an entirely new way to create a new product or service*

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economic system*

a nations plan for answering the thress economic questions*

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Command Economy*

resources are owned and controlled by the government*

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Dollar Voting**

consumers choices influence company’s production decisions**

products that consumers buy will tend to be produced in the future.

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demand*

the quantity of a product or service that consumers are willing and able to buy at a particular place*

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supply*

the quantity of a product or service that businesses are willing and able to provide*

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5 Features of the US Market Economy

  1. Private Enterprise

  2. Private Property

  3. Profit

  4. Competition

  5. Freedom of choice

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4 Economic Systems**

  1. Command

  2. Market

  3. Traditional

  4. Mixed**

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3 Economic Questions**

  1. What to produce?

  2. How to produce?

  3. What needs and wants to satisfy?**

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Decision Maing Strategy

Define a problem

Identify choices

Evaluate choices

Choose one

Act on your choice

Review your decision

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trade off

when you decide on one alternative, you give up something else

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opportunity cost*

the value of the next best alternative that you did not choose (what is being given up?*

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scarcity*

the conflict between unlimited wants with limited resources*

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Factors of Production/Economic Resources**

the means through which goods and services are produced**

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service*

activities that are consumes at the same time they are produced*

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goods

things that you can see and touch (products)

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wants*

things that add comfort and pleasure to your life*

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needs

things that are required in order to live