Basic Business Terms For Beginners Flashcards

These Basic Business Terms For beginners flashcards mainly focus on basic terminologies involved for the beginners in the business. To understand any of the basic about business, one must know atleast these terms

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Cards In This Set

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Scarcity
The condition in which human wants are forever greater than the available supply of time, goods, and resources.
Resources
The basic categories of inputs used to produce goods and services. Also called factors of production. Economists divide resources into three categories: land, labor, and capital.
Land
A shorthand expression for any natural resource provided by nature.
Labor
The mental and physical capacity of workers to produce goods and services.
Entrepreneurship
The creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products.
Capital
The physical plants, machinery, and equipment used to produce other goods. _______ goods are human-made goods that do not directly satisfy human wants.
Economics
The study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants.
Macroeconomics
The branch of economics that studies decision making for the economy as a whole.
Microeconomics
The branch of economics that studies decision making by a single individual, household, firm, industry, or level of government.
Model
A simplified description of reality used to understand and predict the relationship between variables.
Ceteris paribus
A Latin phrase that means while certain variables change, "all other things remain unchanged."
Positive economics
An analysis limited to statements that are verifiable.
Normative economics
An analysis based on value judgment.