business 100 chapter 1

the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it

differences among people in a workforce owing to race, ethnicity, and gender

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy societys needs

be oirganized, satisfy needs, earn a profit

what remains after all business expences have been deducted from sales revenue

all the different people or groups of people who are affected by the decisions made by an organization

the study of how wealth is created and distributed

the study of decisions made by individuals and businesses

the study of the national economy and the global economy

a 700 billion bailout plan created to stabilize the nations economy and restore confidence in the banking and financial industries

resources used to produce goods and services

land and natural resources, labor, capital, and entrepenurship

an economic system in which individuals own and operate the majority of businesses that provide goods and services

how an individuals own personal gain benifits others and a nations economy

right to create wealth, right to own private property and resources, freedom to compete

there should be no government interferance in the economy

businesses and individuals decide hat to produce and buy, and the market determines quantities sold and prices

an economy that exhibits elements of both capitalism and socialism

goods and services purchased by individuals for personal consumption

the key industries are controlled and owned by the government

a classless society whose citiznes together owned all economic resources; today they practice a strictly controlled kind of socialism

the government decides what goods and services will be produced, how they will be produced, for whom avalible goods and services will be produced, and who owns and controls the major factors of production

the average level of output per worker per hour

reducing costs and enabling emplyees to work more efficently

can be used to measure the economic well being of a nation; the total dollar value of all goods and services produced by all people within the boundaries of a country during a one year period

the lowest interest rate that banks charge there monthly creditworthy customers

a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

an andex that measures prices at the wholesale level