Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
What is a Business |
Entities that offer products to their customers to earn a profit |
|
|
Revenue |
Incomeexpenses |
|
|
Expenses |
Costs incurred in the ordinary course and/or deductible and are always needed against business income. |
|
|
Profit |
When a business Revenue is greater than its Expenses |
|
|
Types of products that business offer? |
Services and Good Products |
|
|
Service |
Intangible products that are bought or sold. |
|
|
Goods |
Physical products that a business sells |
|
|
Factors of production |
Labor Natural Resources Capital Entrepreneurial Talent Intellectual Properties Technology |
|
|
What is Economics |
The study of how individuals and businesses make decisions to best satisfy wants, needs and desires with limited resources |
|
|
Microeconomics |
The study of how individual businesses, households, and consumers make decisions to allocate their limited resources in the exchange of goods and services. |
|
|
Macroeconomics |
The study of behavior of the overall economy |
