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28 Cards in this Set

  • Front
  • Back
the difference between a business's revenues and its expenses
the five factors of production
the resources that a country;s businesses use to produce goods and services
1. labor
2. capital
3. Entrepenuership
4, physical resources
5. Information resources
What are the three basic types of economies
- planned, market, mixed
planned market
- relies on a centralized government to control all or most factors of production
market economy
- economy in which individuals control production and allocation decisions through supply and demandd
mixed market
has charactersistics of both planned and market economies
What are the two most basic forms of planned economies
communism, socialism
planned economic system in which the governmnet owns and operates all factors of production
planned economic system in which the government owns and operates only selected major industries
the process of converting government enterprises into privately owned companies
the willingness and ability of producers to offer a good or service for sale
the willingness and ability of buyers to purchase a good or service
the law of supply
producers will offer (supply) miore of a product for sale as its price increases and less as its price decreases
the law of demand
buyers will purchase (demand) more of a product as its price drops and less at a product as its price increases
When plotted on the same graph, the supply curve and the demand curve will normally
cross one another at some point
The point at which the supply curve crosses the demand curve is reffered to as the
equilibrium price or market price
occurs when the quantity demanded exceeds the quantity supplied
occurs when the quantity supplied exceeds the quantity demanded
Define- Private Enterprise System
- economic system that allows individuals to pursue their own interests without undue government restrictions
- requires the presence of four elements
What are the four elements?
- private property
- freedom of choice
- profits
- exists when an industry or market has only one producer
What are the 6 stages of the United States business history?
1. Industrial Revolution
2. Entreprenruraul Era
3. Production Era
4. Marketing Era
5. Global Era
6. Internet Era
the philosophy which states that the government should not interfere in the economy, but instead let business function without regulation according to its own natural laws
Andrew Carnegie
US Steel
Andrew Mellon
JP Morgan
Morgan Guarantee and Trust
John D. Rockefeller
Standard Oil Company
Henry Ford
- Ford Motor Company
- moving assembly line
- Model T