Business Concepts Flashcards

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Cooperative (Co-op)

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Definition: Business owned and operated by a group for mutual benefit. Example: Local food co-op

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Partnership

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Definition: Business arrangement where two or more individuals share ownership and profits. Example: Law firm with multiple lawyers

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Scarcity

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Definition: Condition where there are not enough resources to produce everything desired. Scenario: Limited water supply in a drought-affected town.

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Natural Resources

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Definition: Resources from nature used to produce goods/services (land, water, minerals, forests). Scenario: Farmer relying on rainfall.

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Wants (Goods & Services)

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Definition: Desires for goods and services that are not necessary for survival.

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Traditional Economy

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Economic system based on customs and traditions. Scenario: Village farming passed down generations.

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Market Economy

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Economic system where individual choices and prices decide production and distribution. Scenario: City where businesses compete and prices fluctuate.

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Economics

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Study of how people use limited resources to satisfy unlimited wants. Scenario: Family budgeting decisions.

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Opportunity Cost

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Value of next-best alternative given up when making a choice. Scenario: Studying instead of socializing.

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Trade-off

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Giving up one thing to gain another in decision-making. Scenario: Buying a video game or saving for concert.