Introduction to Business

Business Economics
Vocabulary and concepts
Chapter 1


Scarcity

Types of Economic Systems:

Traditional economy


Command economy


Market economy


What is Capitalism?


Characteristics of a market economy:






Economic resources: (factors of production)

Natural renewable and non-renewable

Human labor

Capital -

Entrepreneurial


List the 6 steps of the decision making process and decide which one is the most
important:




What is GDP?



Business Cycle:

Prosperity


Recession


Depression


Recovery


What part of the business cycle is the U.S. economy in at the present time?





Supply and Demand


Demand


Supply


How does demand and supply affect price of goods and services?





(Complete the exercise on the back )