What is Economics?
The knowledge of production, consumption, and transfer of wealth
What is economics
America is a _____ system
Capitalist
what are 3 types of business
what is demand
demand is the quantity of a certain product that consumers are willing to buy.
what is supply
the available numbers of a product.
what 3 things affect economics
Supply, demand, population
The four kinds of economic markets are ____, ____, ____, and ____
Traditional economies, command economies, mixed economies, and market economies
what is a sole proprietorships.
A sole proprietorship is someone who owns an unincorporated business by himself or herself.
What is something thats high in demand
fad diet products
something thats high in supply
Candy.
How does economics affect everyday life
economics controls price, supply, how much people are paid, etc.
A ____ economy is characterized by private ownership of businesses with little interference from the government.
Market
what is a Partnership
A partnership is the relationship between two or more people to do trade or business
What creates demand
the amount of a product available and the price.
something thats low in supply
ski intructors
how does economics change the prices of gas
depending on supply and demand of materials the price goes up or down
North Korea is a ____ system.
Communist
What is a Corporation
a company or group of people authorized to act as a single entity
what is a demand curve
a demand curve is a graph representing the fluctuating demand of a certain product
supply is measured how
by how many products are available on the market
what 3 things does economics directly affect
inflation, unemployment rate, and GDP growth potential
Sweden and Norway are an example of a ____ economy.
Mixed
Mammoth mountain is what type of business
branch of a Corperation
what are 3 things that create a high demand?
low price, low supply, and competition
what are 3 things that create a high supply?
efficient production, low demand, high quantity of raw material