Exploring Our Economy Flashcard

Front

What is the definition of "Economy"?

Back

The production, buying, and selling of goods and services

Front

Which term describes a person who starts and runs their own business?

Back

Entrepreneur

Front

What does "Import" mean?

Back

To bring goods into a country from another country to sell

Front

How does "Scarcity" affect the economy?

Back

It creates a situation where many people want a limited amount of goods

Front

Why might a business choose to "Specialize" in a specific task?

Back

To improve efficiency and quality in that area

Front

What is the role of "Human resources" in a business?

Back

To provide valuable skills and knowledge

Front

How can "Human capital" impact a business's success?

Back

By providing the skills and knowledge needed to perform jobs effectively

Front

What is the difference between "Export" and "Import"?

Back

Export is sending goods out of a country, while import is bringing goods into a country.

Front

Why is "Capital resource" important for a business?

Back

It provides tools and machines necessary to produce goods or services

Front

How might an entrepreneur use "Strategic Thinking" to improve their business?

Back

By planning and reasoning to solve business problems and make decisions.