Basics of Business

Question	Answer
A stock of an asset from which an individual or place can be given with the essential sum of whatever is needed	Supply
Something that is in great need or want throughout a large amount of people	Demand
The point where the market supply and demand are equal and everything is balanced	Equilibrium Point
An exchange in which no physical products are exchanged from the dealer to the buyer (babysitting)	Services
What you have that is useful to you in achieving your goal	Resources
Someone who produces goods and services	Producer
The buyer	Consumer
When there is a limiter amount of something making it rare or harder to get	Scarcity
The way that society uses resources to produce goods and services	Economics
The yearly total value of goods and services provided in a country	GDP (Gross Domestic Product)
General rise in price of goods and services over a period of time	Inflation
General decrease in price of goods and services over a period of time	Deflation
When prices exceed revenues	Deficit
The excess supply once the demand has been hit	Surplus
The constant change in business activity in a country	Business Cycle
Time of economic decline	Recession
Having the ability to function or operate	Operational
Actions to fulfill a certain rule or procedure	Policy
The amount that is charged for taking out a loan	Interest Rate
An amount of money that is owed	Debt
Selling goods in bulk for resale	Wholesaler
Manufactured goods that are bought and sold	Merchandise
To make or produce	Manufacture

Resource summary

	Created by Samantha Mendez over 3 years ago