Business 101 ch 1

Business

Product

Profit

Economics

study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice

Natural resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Financial resources

Economic system

Communism

Socialism

Demand

Supply

Equilibrium price

Competition

Pure competition

Monopolistic competition

Oligopoly

Monopoly

Inflation

Recession

Unemployment

Depression

Budget deficit

Entrepreneur