Intro to business ch 1& 2 – Flashcards
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Value
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Relationship between price of a product or service and the benefit that it offers it's customers
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Machines, tools, buildings, technology
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As a factor of production, capital would include
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Sustainability
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Doing business today without harming the ability of future generations to meet their needs
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Financial gain
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Non profits are NOT in this business; to make a profit
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Economic environment
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Stock market, housing foreclosures, and unemployment rates are all part of an organization's :
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Capitalism
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Both producers and consumers are free to make their own economic decisions on many basic issues
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Products
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A pure competition is a market structure with many competitors selling virtually identical ______
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Less, increase
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If the cost of an iced tea is more expensive during the summer months, consumers will buy ___ due to the _______ in price.
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Expansion
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A period of robust economic growth and high employment indicating that businesses are capitalizing on new market opportunities
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Rises
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A supply curve shows that as prices rise the quantity of products produced ___
