Business Final

  1. What is Market Price?
    the price of a commodity when sold in a given market
  2. what is equilibrium point?
    the optimum position of a market price that generates an equal amount of demand and supply for a product or service.
  3. equilibrium Price?
    For manufacturer, the price that maximizes a products profitablility.
  4. what is a surplus?
    • supply over demand.
    • and more than what is neeeded or used; excess.
  5. what is business cometition?
    a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell.
  6. what is a monopoly?
    the exclusive  possession or control of the supply or trade in a commodity or service.
  7. what is a oligopoly?
    a state of limited competition, in which a market is shared by a small number of producers or sellers.
  8. what is GDP?
    • Gross domestic product.
    • primary indicators used to guage the health of a countrys economy
  9. what is price fixing?
    control (by agreement among producers or by government) of the price of a commodity in interstate commerce.
  10. what is real growth rate?
    the measure of economic growth from one period to another expressed as a percentage and adjusted for inflation
  11. What is the consumer price index?
    an index of the variation in prices paid by typical consumers for retail goods and other items.
  12. what is a collusion?
    secret or illegal cooperation or conspiracy in order to cheat or deceive others
  13. business capital?
    money invested in a business or the value of a company as described in marketing
  14. what is a trade surplus?
    the amount by which the value of a countrys exports exeeds the cost of its imports
  15. what is a trade deficit?
    the amount by which the cost of a countrys imports exceeds the value of its exports
  16. what is balance of trade?
    the difference of value over a period of time of a countrys imports and exports of merchandise.
  17. what is balance of payments?
    a system of recording all of a countrys economic transactions with the rest of the world over a period of one year
  18. what are suppliers?
    someone whose business is to supply a particular service or commodity.
  19. what is an import?
    bring (good or service) into a country from abroad for sale
  20. what is an export?
    send (goods or services) to another country for sale
Card Set
Business Final
final review