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     3 Invisible hand   12 Producers price index     17 Market price   21
Cultural diversity     5 Market economy   13 Business cycle   17 Monopolistic competition   21
Business   8 Mixed economy   13 Recession   18 Product differentiation   21
Profit   9 Consumer products     14 Depression   18 Oligopoly   21
Stakeholders   10 Command economy     14 Monetary policies     18 Monopoly   22
Economics   10 Productivity   15 Fiscal policy   18 Standard of living     22
Microeconomics   11 Gross Domestic Product     16 Federal deficit     19 Barter   22
Macroeconomics   11 Inflation 16 National debt   19 Domestic system     22
Economy   11 Deflation   16 Competition   19 Factory system   23
Factors of production 11 Unemployment rate     16 Perfect competition     19 Specialization   23
Entrepreneur   11 Consumer price index     17 Supply   20 Service economy     24
Capitalism   12 Participation Rate Demand   21 Sustainability   25