Economics Flashcard

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What is interdependence in business?

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Interdependence refers to the reliance of businesses on their suppliers and other businesses to provide goods and services. It highlights the interconnectedness of different entities in the economy.

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Who is an entrepreneur?

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An entrepreneur is a person who starts a business, taking on financial risks in the hope of profit. They are often seen as innovators who bring new ideas to the market.

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What does tangible mean?

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Tangible means something that can be touched or physically measured. In economics, it often refers to physical goods that can be sold.

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What is an economy?

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An economy is the system by which goods and services are produced, distributed, and consumed. It encompasses all activities related to the management of resources and money.

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What is labor in economics?

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Labor refers to the human effort, both physical and mental, used in the production of goods and services. It is one of the key factors of production.

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What is capital in business?

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Capital refers to the financial assets or resources that businesses use to produce goods and services. This includes money, machinery, and buildings.

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What is profit?

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Profit is the financial gain obtained when the revenue from selling goods or services exceeds the costs associated with producing them.

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What is a supplier?

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A supplier is a person or company that provides goods or services to another business. They play a crucial role in the supply chain.

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What is a market?

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A market is a place or system where buyers and sellers interact to exchange goods and services. It can be physical or virtual.

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What is demand?

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Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices.