Principles of Business, Unit 1: Chapter 1

This list focuses on economic decisions and systems (Unit 1, Chapter 1).

Here are links to all the chapters of Unit 1, Business in the Global Economic Environment: Chapter 1, Chapter 2, Chapter 3, Chapter 4

Here are links to all the units of the business textbook published by South-Western Cengage Learning: Unit 1, Unit 2, Unit 3, Unit 4
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Full list of words from this list:

  1. need
    anything that is necessary but lacking
  2. service
    work done by one person or group that benefits another
  3. economic
    relating to the production and consumption of goods
  4. resource
    aid or support that may be drawn upon when needed
  5. scarcity
    a small and inadequate amount
  6. decision
    the act of making up your mind about something
  7. trade
    engage in the commerce of
  8. alternative
    one of a number of things from which only one can be chosen
  9. opportunity
    a possibility from a favorable combination of circumstances
  10. system
    a complex of methods or rules governing behavior
  11. command
    an authoritative direction or instruction to do something
  12. traditional
    consisting of or derived from a practice of long standing
  13. economy
    the system of production and distribution and consumption
  14. capitalism
    an economic system based on private ownership of assets
  15. consumer
    a person who uses goods or services
  16. producer
    someone who manufactures something
  17. demand
    the ability and desire to purchase goods and services
  18. supply
    offering goods and services for sale
  19. quantitative
    expressible as an amount that can be measured
  20. essential
    absolutely necessary
  21. luxury
    something that is an indulgence rather than a necessity
  22. available
    obtainable or accessible and ready for use or service
  23. purchase
    acquire by means of a financial transaction
  24. access
    the right to make use of or take advantage of something
  25. option
    one of a number of things from which only one can be chosen
  26. afford
    have the financial means to do something or buy something
  27. factor
    anything that contributes causally to a result
  28. identify
    recognize as being
  29. evaluate
    estimate the nature, quality, ability or significance of
  30. enterprise
    an organization created for business ventures
Created on October 20, 2016 (updated October 27, 2016)

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