Accounting/Intro to Business

Chapter 1 – Exploring the World of Business & Economics

  • The barter system and the function of money
  • The purpose of business
  • How to measure success
  • Factors of production
  • Types of Economic Systems
  • The Business Cycle

KEY TERMS:

Free Enterprise Invisible hand Producers price index Market price
Cultural diversity Market economy Business cycle Monopolistic competition
Business Mixed economy Recession Product differentiation
Profit Consumer products Depression Oligopoly
Stakeholders Command economy Monetary policies Monopoly
Economics Productivity Fiscal policy Standard of living
Microeconomics Gross Domestic Product Federal deficit Barter
Macroeconomics Inflation National debt Domestic system
Economy Deflation Competition Factory system
Factors of production Unemployment rate Perfect competition Specialization
Entrepreneur Consumer price index Supply Service economy
Capitalism Participation Rate Demand Sustainability